Singapore legislation
Section 43
Section 43
Charge on immovable property of Board
(1)
The Government is deemed to have a first charge, unless the Minister otherwise directs, on all immovable property at any time vested in or acquired by the Board to secure all moneys from time to time owing by the Board to the Government or lent by the Government to the Board.
(2)
Subject to subsection (1) and excepting only such charges, and mortgages as were created, or made by the Board with the Minister’s approval before the moneys became owing to or were advanced by the Government, that charge has priority over all other charges and mortgages.
(3)
The President by virtue of that charge may, at any time, so long as there are moneys owing by the Board to the Government —
sell the whole or any part of the immovable property of the Board, either by public auction or private contract, and on the sale execute a conveyance of the immovable property sold, which conveyance vests, without the concurrence of the Board, that property in the purchaser;
by notification in the Gazette declare that the whole or any part of the immovable property of the Board vests, on a date to be mentioned in the notification, in the Government, and thereafter the immovable property of the Board described in the notification vests, on that date, in the Government for all the estate, right, title and interest of the Board, freed and discharged from all charges and mortgages created or made by the Board, saving only such charges and mortgages as are excepted in subsection (2) and are subsisting securities;
appoint some person to receive the rents and other income which the Board is entitled to receive, or any portion thereof, and to apply the same in discharge of the amount due and of all expenses incurred in respect of the appointment of that person, and of the recovery by that person of the rents and income; and the person so appointed has for the recovery of the rents or other income, all and singular the powers conferred by this Act on the Board for that purpose.
(4)
Whenever any declaration has been made under this section, notice of the declaration must, in the case of registered land, be sent to the Registrar of Titles who must thereupon enter in the land-register a memorial of the registration of the vesting of the land in the Government and in other cases to the Registrar of Deeds who must thereupon make an entry in the books of the Registry of Deeds that the land described in the notification containing the declaration is vested in the Government.[37