SINGAPORE LEGISLATION

• Author: CHARLES LIM AENG CHENG
• Published date: 01 December 1992
• Date: 01 December 1992
• Citation: (1992) 4 SAcLJ 173

Digest of Legislation between January 1992 and April 1992

Acts Passed Between January 1992 and May 1992 in Alphabetical Order

Central Provident Fund (Amendment) Act 1992

Act No. 3 of 1992

Long Title: An Act to amend the Central Provident Fund Act (Chapter 36 of the 1991 Revised Edition).

Passed by Parliament on: 27th February 1992

Assented to by President on: 18th March 1992

Publication date: 27th March 1992

Commencement date: 1st April 1992 vide S120/92

Summary: This Act amends the Central Provident Fund Act to empower an employer to make deductions of a prescribed amount from the monthly wages of his employees if such employees wish to contribute to a fund for the educational, social or economic advancement of any community to which the employees belong and the fund has been approved by the Minister for the purposes of such deductions by the employer.

Comment: This Act will allow for regulations to be made for contributions to a fund established by SINDA (Singapore Indian Development Association) and other similar funds.

Commodity Futures Act 1992

Act No. 17 of 1992

Long Title: An Act for the regulation of trading in certain commodity futures and for matters connected herewith.

Passed by Parliament on: 20th March 1992

Assented to by President on: 30th March 1992

Publication date: 22nd May 1992

Commencement date: 27th May 1992 vide S230/92

Summary: This Act regulates trading in commodity futures contracts. The Act is mainly designed to provide for—

1. (a) the approval and regulation of Commodity Futures Exchanges and clearing houses;

2. (b) a system of licensing for all commodity futures brokers, commodity futures trading advisers, commodity futures pool operators and their representatives;

3. (c) requirements to be imposed upon commodity futures brokers, commodity futures trading advisers and commodity futures pool operators

1. to maintain audited accounts, be subject to audit, and to make full disclosure to their customers or participants in respect of the transactions carried out on their behalf;

2. (d) a system for the conduct of business by commodity futures brokers, commodity futures trading advisers and commodity futures pool operators to ensure adequate protection to investors;

3. (e) powers to be conferred on the Trade Development Board (the Board) to regulate Commodity Futures Exchanges and market participants in the interests of the public; and

4. (f) offence provisions to deal with fraudulent practices.

Related Legislation: Trade Development Board (Amendment) Act 1992 (see summary below).

Criminal Procedure Code (Amendment) Act 1992

Act No. 13 of 1992

Long Title: An Act to amend the Criminal Procedure Code Act (Chapter 68 of the 1985 Revised Edition).

Passed by Parliament on: 19th March 1992

Assented to by President on: 30th March 1992

Publication date: 16th April 1992.

Commencement date: 18th April 1992 vide S175/92.

Summary: This Act reduces the number of Judges involved in the trial of capital offences from a court of two Judges to a single High Court Judge.

Customs (Amendment) Act 1992

Act No. 10 of 1992

Long Title: An Act to amend the Customs Act (Chapter 70 of the 1985 Revised Edition).

Passed by Parliament on: 19th March 1992

Assented to by President on: 23rd March 1992

Publication date: 24th April 1992.

Commencement date: 1st May 1992 vide S182/92.

Summary: This Act amends sections 17 and 18 of the Customs Act to enable the Minister to make rules to pro-rate the collectin of diesel tax and to empower the Registrar of Vehicles to seize and dispose of a motor vehicle for the recovery of arrears of the diesel tax.

Government Securities Act 1992

Act No. 1 of 1992

Long Title: An Act to establish and regulate the Government Securities

Fund and to provide for the borrowing of moneys by the issue of Government securities in Singapore.

Passed by Parliament on: 27th February 1992

Assented to by President on: 2nd March 1992

Publication date: 6th March 1992

Commencement date: 6th March 1992 vide S86/92

Summary: This Act establishes a Government Securities Fund and to provide for the borrowing of moneys by the issue of Government securities, which may take the form of registered stocks, bearer bonds, book-entry Government securities or other securities.

Part I relates to the short title and commencement, and to the interpretation of terms used in the Act. Part II establishes the Government Securities Fund and provides how moneys in the Government Securities Fund are to be regulated, as well as how the moneys are to be accounted for and invested, and how expenses incurred will be paid.

Part III specifies the manner in which the amounts of loans to be raised are to be authorised and how such moneys will be accounted for. Part IV makes provisions with respect to the issue and registration of stocks and the issue of bearer bonds.

Part V deals with the issue, servicing and transfers of book-entry Government securities. Book-entry Government securities, unlike registered stock and bearer bonds, will be scripless. Such securities will be issued in the form of book-entries on the records of the Monetary Authority of Singapore. This Part also provides for a computer-based book-entry clearing system which is to be maintained by the Authority for transactions involving book-entry Government securities. The Authority is required to issue confirmations of transactions carried out through the book-entry clearing system.

Part VI deals with the payment of interest on and redemption of Government securities issued under the Act and the creation of a sinking fund.

Part VII deals with advance deposits. Advance deposits may be accepted by the Authority in anticipation of the issue of Government securities to the depositors of such moneys. Advance deposits will carry interest calculated from the date the deposit was effectively received. The interest on advance deposits will be charged upon the Government Securities Fund and be paid half-yearly. Advance deposits which have been accepted in excess of the loan limit prescribed in the Development Loan (1987) Act will be deemed to have been accepted under the Act.

Part VIII deals with invitations to the public to subscribe to Government securities issued under the Act and the making of regulations and notifications to be published in the Gazette prescribing the terms of issue of such Government securities. The regulations and notifications are in lieu of a prospectus for the public issue of such Government securities.

Housing and Development (Amendment) Act 1992

Act No. 19 of 1992

Long Title: An Act to amend the Housing and Development Act (Chapter 129 of the 1991 Revised Edition).

Passed by Parliament on: 20th March 1992

Assented to by President on: 30th March 1992

Publication date: 31st March 1992

Commencement date: 1st April 1992 vide S160/92

Summary: This Act amends the Housing and Development Act to enable the Housing and Development Board (HDB) to carry out upgrading works in its housing estates. Some of the more important provisions are as follows.

Section 2 inserts new sections 48A and 48B to discharge HDB from the restrictive covenant in its leases relating to the use of certain HDB flats for trade, manufacture or commercial purposes and to enable HDB to execute any sale or mortgage instrument on behalf of a purchaser of HDB flat under certain circumstances.

Section 3 inserts a new Part IVA (new sections 65A to 65L) which sets out and elaborates the manner in which upgrading works are to be carried out in any HDB housing estate. A new section 65B empowers the Minister, after consulting HDB, to declare by order published in the Gazette any housing estate of HDB or upgrading works in the precinct. New section 65C requires HDB, after a precinct has been declared by the Minister, to make arrangements to conduct in the manner prescribed a poll on the owners of the flats within the precinct with a view to establishing their opinions about the proposals to carry out upgrading works. If it appears from the poll that 75% or more of such owners are in favour of the proposal to carry out general upgrading works, HDB may, with the approval of the Minister, proceed to carry out such works and also to carry out specified upgrading works if 75% or more of the owners of the flats comprised in a building are in favour of the proposal to carry out such works. A new section 65D provides for HDB to carry out upgrading works in a precinct in such manner as HDB thinks fit and for the recovery from the owners of the flats and the Town Councils the costs incurred by HDB in carrying out such works (“improvement contribution”). The amount of improvement contribution payable by each owner and the Town Council shall be determined by HDB whose decision shall be final.

The new section 65E empowers the Minister to direct HDB to carry out upgrading works in a precinct if he considers that the living conditions in the precinct or the physical state and design of the buildings therein can be improved by such works. The costs of such works shall be paid by HDB.

The new section 65F deals with the manner of payment of the improvement contribution and empowers HDB to impose interest and a

penalty for any late payment. New section 65G provides for the manner of transfer of any increase in the floor area of a flat to its owner as a result of any upgrading works. New section 65H empowers HDB to sell a flat where any improvement contribution payable in respect of the flat remains unpaid 3 months after HDB has served on the owner of the flat a written demand for the payment of such contribution.

Income Tax (Amendment) Act 1992

Act No. 2 of 1992

Long Title: An Act to amend the Income Tax Act (Chapter 134 of the 1985 Revised Edition).

Passed by Parliament on: 27th February 1992

Assented to by President on: 2nd March 1992

Publication date: 13th March 1992

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