Certain provisions of Agreement to have force of law
7.—(1) Despite anything to the contrary in any other law, the provisions of the Agreement set out in the Schedule have the force of law.
(2) Nothing in Article 51 is to be construed as—
- (a) entitling the Bank to import into Singapore goods free of any customs duty without any restriction on their subsequent sale in Singapore;
- (b) conferring on the Bank any exemption from taxes or duties which form part of the price of goods sold or services supplied; or
- (c) conferring on the Bank any exemption from taxes or duties which are in fact no more than charges for services rendered.
(3) The Minister may, by notification in the Gazette, amend the Schedule in conformity with any amendments to the provisions of the Agreement set out in the Schedule which may subsequently be made and adopted.
Companies Act does not apply to Bank and to issue by Bank of shares, debentures, etc.
8. The Bank is not to be treated as a corporation within the meaning of the Companies Act (Cap. 50), and the provisions of that Act do not accordingly apply to the Bank or to the issue by the Bank of any shares, debentures, bonds, notes or other securities.
Power to make regulations
9.—(1) The Minister may make regulations for the purpose of carrying out the provisions of this Act.
(2) All such regulations are to be presented to Parliament as soon as possible after publication in the Gazette.
