Singapore legislation
Section 5
Section 5
Transfer of property, liabilities, etc.
(1)
All the assets and movable and immovable property of every description and all the powers, rights and privileges in connection therewith or appertaining thereto which immediately before the commencement of this Act were vested in the society are vested in the Council without further assurance.
(2)
All liabilities and obligations of the society which may have existed immediately before the commencement of this Act are transferred to the Council.
(3)
Every officer of the society shall be deemed to hold a corresponding appointment in the Council, subject to any provision that may subsequently be made.