SINGAPORE TOTALISATOR BOARD (AMENDMENT) BILL

Order for Second Reading read.

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

Under the existing provisions of the Singapore Totalisator Board Act, the surplus funds of the Board can be invested only in trustee instruments. This stipulation is unduly restrictive, considering the substantial size of the surplus funds held by the Board. As at 31st March 1990, the total liquid assets of the Board stood at $311 million. For the efficient management of funds of this size, it is necessary that the Board be given greater flexibility. Clause 2 of the Bill will allow the Board to invest in such stocks, funds, securities or investments as may be authorised by the Minister for Finance.

The Act is also amended to require the Board to submit its annual reports to Parliament. Clause 3 will provide for the presentation of such reports to Parliament.

Clause 3 will also allow the auditor to submit directly to the Minister and the Board reports on any matter arising out of the performance of his audit. The existing provision requires the auditor to submit such reports to the Minister through the Board.

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. - [Dr Richard Hu Tsu Tau].

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