JURONG TOWN CORPORATION (AMENDMENT) BILL

Order for Second Reading read. 7.15 pm

The Acting Minister for Trade and Industry (BG Lee Hsien Loong): Mr Deputy Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

This Bill seeks to amend the Jurong Town Corporation Act to enable JTC to operate more flexibly in three main ways.

Firstly, the existing Act limits JTC's functions to within Singapore. JTC has developed valuable expertise in the planning and development of industrial estates, the management of marine bases and industrial ports for bulk cargo, and the construction of specialized facilities, such as clean rooms. It has therefore much to offer local entrepreneurs and professionals in their efforts to seek and secure jobs overseas. The Bill seeks to remove this restriction on JTC and enable it to do so.

Secondly, the present JTC Act does not contain any provision regarding the appointment and duties of its Chief Executive Officer. This is unlike the Acts incorporating the other Statutory Boards. This came about because when the Act was first enacted, the intention was to vest the administrative control of JTC in a full-time Chairman. With the appointment of a non-executive Chairman, the day-to-day administration and management of the affairs of the Corporation falls upon its general manager, who should now be the Chief Executive Officer.

Lastly, in the present Act, the power of JTC to grant loans to companies in which JTC holds shares is implicit. It is implied by the express authority the Act gives JTC to invest in shares of subsidiary companies. It is desirable to make this authority to grant loans explicit. This the Bill seeks to do.

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. - [BG Lee Hsien Loong.]

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