COMMERCIAL AND INDUSTRIAL SECURITY CORPORATION (AMENDMENT) BILL

Order for Second Reading read.

2.59 p.m.

The Minister for Home Affairs and Education (Mr Chua Sian Chin): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

Sir, the Commercial and Industrial Security Corporation (Amendment) Bill, 1976, seeks to amend the Commercial and Industrial Security Corporation Act. 1 972, for the following purposes:

(1) To regularise Government's contribution towards the retirement benefits payable to an employee of the Corporation for the years of service he has rendered to Government under the former Guard and Escort Unit;

(2) To make provisions for the Corporation to adopt certain financial procedures.

Sir, the Corporation is required under the law to bear all rights, liabilities and obligations relating to the Guard and Escort Unit immediately before the coming into Operation of the Commercial and Industrial Security Corporation Act, 1 972. However, Government has agreed, in line with the policy governing transferred employees of other statutory boards, to contribute to the retirement benefits to a CISCO employee for his service while serving the Government under the former Guard and Escort Unit of the Singapore Police Force. This arrangement is currently given in a Letter of Undertaking from the Permanent Secretary. Ministry of Finance, to the General Manager. CISCO. It is necessary, now, to make provisions under clause 2 of the Commercial and Industrial Security Corporation (Amendment) Bill, 1976, to regularise this payment by Government.

The present Act also lacks detailed provisions to deal with the appointment of auditors, powers and duties of the auditors, keeping of financial records and submission of financial statements to Parliament. With the concurrence of the Auditor-General and consistent with the policy applicable to statutory institutions, it is now proposed to add a new schedule to the Act. This is to require the Corporation to adopt certain financial procedures to provide for the appointment of an auditor to audit the accounts of the Corporation and for other matters connected therewith.

Sir, I beg to move,

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. - [Mr Chua Sian Chin].

Bill considered in Committee; reported without amendment; read a Third time and passed.