—(1) Every statutory board to which Article 22A applies

22B.—(1) Every statutory board to which Article 22A applies shall — (a) before the commencement of its financial year, present to the President for his approval its budget for that financial year, together with a declaration by the chairman and the chief executive officer of the statutory board whether the budget when implemented is likely to draw on the reserves which were not accumulated by the statutory board during the current term of office of the Government; (b) present to the President for his approval every supplementary budget for its financial year together with a declaration referred to in paragraph (a) relating to such supplementary budget; and (c) within 6 months after the close of that financial year, present to the President — (i) a full and particular audited statement showing the revenue received and expenditure incurred by the statutory board during that financial year; (ii) as far as practicable, an audited statement of the assets and liabilities of the statutory board at the end of that financial year; and (iii) a declaration by the chairman and the chief executive officer of the statutory board whether the statements referred to in sub‑paragraphs (i) and (ii) show any drawing on the reserves which were not accumulated by the statutory board during the current term of office of the Government. (2) The President, acting in his discretion, may refuse to approve any budget or supplementary budget of any such statutory board if, in his opinion, the budget is likely to draw on reserves which were not accumulated by the statutory board during the current term of office of the Government, except that if he approves any such budget notwithstanding his opinion that the budget is likely to so draw on those reserves, the President shall cause his opinion to be published in the Gazette. (3) Where by the first day of the financial year of such statutory board the President has not approved its budget for that financial year, the statutory board — (a) shall, within 3 months of the first day of that financial year, present to the President a revised budget for that financial year together with the declaration referred to in clause (1); and (b) may, pending the decision of the President, incur expenditure not exceeding one-quarter of the amount provided in the approved budget of the statutory board for the preceding financial year, and if the President does not approve the revised budget, the statutory board may during that financial year incur total expenditure not exceeding the amount provided in the approved budget of the statutory board for the preceding financial year; and the budget for the preceding financial year shall have effect as the approved budget for that financial year. (4) Any amount expended during a financial year under clause (3)(b) shall be included in any revised budget subsequently presented to the President under that clause for that financial year. (5) Nothing in this Article shall prevent the taking of any action by the Monetary Authority of Singapore in the management of the Singapore dollar; and a certificate under the hand of the chairman of the board of directors of the Monetary Authority of Singapore shall be conclusive evidence that any action was or was not taken for such purpose. (6) It shall be the duty of every statutory board and its chief executive officer to which this Article applies to inform the President of any proposed transaction of the statutory board which is likely to draw on the reserves accumulated by the statutory board prior to the current term of office of the Government. (7) Where the President has been so informed under clause (6) of any such proposed transaction, the President, acting in his discretion, may disapprove the proposed transaction, except that if he does not disapprove any such proposed transaction even though he is of the opinion that the proposed transaction is likely to draw on the reserves accumulated by the statutory board prior to the current term of office of the Government, the President shall cause his decision and opinion to be published in the Gazette. (8) Where after 30 November 1991 a statutory board is specified in Article 22A(4), any reference in this Article to the approved budget of a statutory board for the preceding financial year shall, in relation to the first-mentioned statutory board, be read as a reference to the budget for the financial year of the first‑mentioned statutory board during which that order was made. (9) For the purposes of this Article, a proposed transfer or transfer (whether by or under any written law or otherwise) by any statutory board to which this Article applies (referred to in this clause and clause (10) as the transferor board) of any of its reserves to — (a) the Government; (b) any Government company specified in Part 2 of the the transferee company); or (c) another such statutory board (referred to in this clause and clause (10) as the transferee board), shall not be taken into account in determining whether the reserves accumulated by the transferor board before the current term of office of the Government are likely to be or have been drawn on if — (i) in the case of a proposed transfer or transfer of reserves by a transferor board to the Government — the Minister responsible for finance undertakes in writing to add those reserves of the transferor board to the reserves accumulated by the Government before its current term of office; (ii) in the case of a proposed transfer or transfer of reserves by a transferor board to a transferee company — the board of directors of the transferee company by resolution resolves that those reserves of the transferor board shall be added to the reserves accumulated by the transferee company before the current term of office of the Government; or (iii) in the case of a proposed transfer or transfer of reserves by a transferor board to a transferee board — the transferee board by resolution resolves, or any written law provides, that those reserves of the transferor board shall be added to the reserves accumulated by the transferee board before the current term of office of the Government. [12/2004] (10) Any reserves transferred by a transferor board together with or under any undertaking, resolution or written law referred to in clause (9) shall be deemed to form part of the reserves accumulated by the Government, transferee company or (as the case may be) transferee board before the current term of office of the Government as follows: (a) where the budget of the transferor board for any financial year provides for the proposed transfer of reserves and the budget is approved by the President — at the beginning of that financial year; (b) where a supplementary budget of the transferor board provides for the proposed transfer and the supplementary budget is approved by the President — on the date of such approval by the President; or (c) in any other case — on the date those reserves are so transferred. [24/2002; 12/2004] Appointment of directors of Government companies