Economic Development Board Act

• Jurisdiction: Singapore
• Coming into Force: 31 July 2012
• Act Number: (Original Enactment: Ordinance 21 of 1961)
• Enactment Date: 01 August 1961
• Record Number: Cap. 85
• Published date: 31 July 2012

Economic Development Board Act

(CHAPTER 85)

(Original Enactment: Ordinance 21 of 1961)

REVISED EDITION 2012

(31st July 2012)

An Act to establish the Economic Development Board.

[1st August 1961]

Short title

1. This Act may be cited as the Economic Development Board Act.

Interpretation

2. In this Act, unless the context otherwise requires — “Board” means the Economic Development Board established under section 3; “chief executive officer” means the chief executive of the Board, and includes any individual acting in that capacity; [Act 5 of 2018 wef 01/04/2018] “enterprise” means any entity incorporated, formed or established in Singapore or elsewhere, whether or not for profit, and howsoever owned or controlled, and includes — (a) a corporation, a sole proprietorship, a partnership, a joint venture, a trust and an association; and (b) a branch of an enterprise; “member” means a member of the Board; “underwrite” means to contract, with or without conditions, to subscribe for stocks, shares, bonds or debentures of an enterprise with a view to the resale of the whole or part of it. [11/89; 9/97; 11/2008]

Establishment of Board

3.—(1) There is hereby established a body to be called the Economic Development Board. (2) The Board shall be a body corporate with perpetual succession and a common seal and shall, by that name, be capable of — (a) acquiring, owning, holding and developing or disposing of property, both movable and immovable; (b) suing and being sued; and (c) doing and suffering such other acts or things as bodies corporate may lawfully do and suffer. [11/2008] (3) The Board may perform any of its functions or carry out any of its duties under the business name of “EDB”, or such other business name as the Minister may, from time to time by notification in the Gazette, specify. [11/2008]

Chairman of Board

4. The Minister shall appoint a Chairman of the Board who shall, subject to the provisions of this Act, hold office for such period and on such terms as the Minister may determine. [3/72]

Constitution of Board

5.—(1) The Board shall consist of — (a) the Chairman; and (b) not less than 5 and not more than 15 other members who shall be appointed by the Minister. [17/75; 11/89; 11/2008] (2) The quorum at every meeting of the Board shall be one-third of the total number of members or 3 members, whichever is the higher. [25/2009] (3) The Board shall meet at such times and places as the Board may determine. [11/89] (4) The members of the Board appointed by the Minister under subsection (1)(b) shall hold office for such period and on such terms and conditions as the Minister may determine, and shall be eligible for re-appointment. [11/2008] (5) The Minister may appoint not more than 2 members of the Board to be Deputy Chairmen of the Board. [17/75] (6) Where the Chairman of the Board is absent or otherwise incapable of acting, or there is a vacancy in the office of Chairman — (a) such one of the Deputy Chairmen as the Minister may direct, or in default of any such direction such one of them as the members may agree; or (b) if there is only one Deputy Chairman, that Deputy Chairman, may exercise any of the functions of the Chairman. [17/75] (7) Where the Chairman and every Deputy Chairman of the Board is absent or otherwise incapable of acting, or there is no such person, such member of the Board as the Minister may direct, or in default of any such direction such member as the Board may agree, may perform any of the functions of the Chairman. [17/75] (8) The Chairman of the Board or the person lawfully acting as Chairman at any meeting of the Board shall have an original as well as a casting vote. (9) [Deleted by Act 11 of 2008] (10) The members of the Board shall be paid out of the funds of the Board such salaries, fees or allowances as the Minister may determine. [7/97] (11) The Minister may at any time revoke the appointment of the Chairman or of any other member of the Board. (12) The First Schedule shall have effect with respect to the Board, its members and proceedings. [11/2008]

Functions of Board

6.—(1) The functions of the Board are — (a) to stimulate the growth, expansion and development of the Singapore economy; (b) pursuant to paragraph (a), to formulate investment promotion policies and plans, and promotional incentives and strategies; (c) to promote, facilitate and assist in the development of support industries and services which provide important parts, components and related services to the manufacturing and services sector; (d) to encourage foreign and local industries to upgrade their skill and technological levels through investment in technology, automation, training, research and product development activities; (e) to support the development of local entrepreneurs and small and medium enterprises and to assist local enterprises to expand and upgrade their operations; (f) to provide or support training in skills required for the development of the Singapore economy; (g) to identify key enterprises and encourage them to establish their international headquarters in Singapore and undertake a wide range of international service and business activities; and (h) to exercise or perform any function or duty conferred upon the Board under any other written law. [11/2008] (2) In addition to the functions imposed by this section, the Board may undertake such other functions as the Minister may assign to the Board, and in so doing — (a) the Board shall be deemed to be fulfilling the purposes of this Act; and (b) the provisions of this Act shall apply to the Board in respect of such functions. [11/2008] (3) Nothing in this section shall be construed as imposing on the Board, directly or indirectly, any form of duty or liability enforceable by proceedings before any court. [11/2008]

Directions by Minister

7.—(1) The Minister may give to the Board any direction under section 5 of the Public Sector (Governance) Act 2018. [Act 5 of 2018 wef 01/04/2018] (2) [Deleted by Act 5 of 2018 wef 01/04/2018] (3) The Board shall furnish the Minister with such information with respect to its property and activities as he may from time to time require.

Chief executive officer

8.—(1) There must be a chief executive officer of the Board, whose appointment, removal, discipline and promotion must be in accordance with the Public Sector (Governance) Act 2018. (2) The Board may, subject to the Public Sector (Governance) Act 2018, appoint an individual to act temporarily as the chief executive officer during any period, or during all periods, when the chief executive officer — (a) is absent from duty or Singapore; or (b) is, for any reason, unable to perform the duties of the office. [Act 5 of 2018 wef 01/04/2018]

Appointment of officers, employees, etc.

9. The Board may — (a) subject to the Public Sector (Governance) Act 2018, appoint and employ, on such terms and conditions as it may determine, such other officers, employees, consultants and agents as may be necessary for the effective performance of its functions; and [Act 5 of 2018 wef 01/04/2018] (b) engage and remunerate for their services such persons or agents as the Board considers necessary for carrying out its functions and duties. [11/2008]

10. [Repealed by Act 11 of 2008]

Rules for establishment of pension or provident fund scheme

11.—(1) Subject to the approval of the Minister, the Board may make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident funds or other superannuation benefits to such officers or classes of officers of the Board as it may determine, on their death or retirement from, or on their otherwise leaving, the service of the Board. (2) The following provisions shall apply to any scheme established under this section: (a) no assurance on the life of any contributor under any such scheme, and no moneys or other benefits payable under any such assurance, and no payment made under any such scheme to any person who has been employed by the Board, shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Board or to the Government; (b) no donation by the Board or contribution by its officers made under any such scheme and no interest thereon shall be assignable or transferable or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Board or to the Government; (c) no such donation, contribution or interest shall be subject to the debts of the contributor, nor shall such donation, contribution or interest pass to the Official Assignee on the bankruptcy of the contributor, but, if the contributor is adjudicated a bankrupt or is declared insolvent by a court, the donation, contribution or interest shall, subject to the provisions of this Act, be deemed to be subject to a trust in favour of the persons entitled thereto on the death of the contributor; (d) the bankruptcy of a contributor shall not affect the making of deductions from the salary of the contributor in accordance with any such scheme, but such deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of salary so deducted shall not be deemed to form part of his after-acquired property; (e) subject to the provisions of any such scheme, all moneys paid or payable under any such scheme on the death of a contributor shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of the deceased contributor, or under a nomination in such form as may be prescribed in such scheme, and shall not be deemed to form part of his estate or be subject to the payment of his debts, but such moneys shall be deemed to be property passing on his death for the purposes of the Estate Duty Act (Cap. 96); (f) any contributor may, by a memorandum under his hand, appoint a trustee or trustees of the moneys payable on his death out of any such scheme and may make provision for the appointment

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