Singapore legislation
Section 61
Section 61
Vesting of undertaking of Board in successor companies
(1)
On 1st October 1995, such property, rights and liabilities comprised in the undertaking of the Board as may be determined by the Minister and agreed to by the Minister for Finance shall become, by virtue of this section and without further assurance, the property, rights and liabilities of companies nominated for the purposes of this section by the Minister (referred to in this Act as the successor companies), in such manner of distribution and allocation as determined by the Minister and agreed to by the Minister for Finance, including any division or sharing between the successor companies of any one or more items of such property, rights or liabilities.
(2)
Any immovable property to be transferred to and vested in a successor company under subsection (1) shall be held by the company upon such tenure and subject to such terms and conditions as the President may determine.
(3)
The Board shall grant, as from 1st October 1995, public licences in respect of the generation, production, transmission or supply of electricity or gas as may be appropriate to each successor company according to the property, rights and liabilities so vested in the company, and the successor company by which the function of supplying electricity to the public falls to be provided by determination of the Minister under subsection (1) shall be designated in accordance with section 40 as a public electricity supplier.
(4)
If any question arises as to whether any particular property, right or liability of the Board has been transferred to or vested in any successor company under this Act, a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
(5)
It is hereby declared for the avoidance of doubt that —
any reference in this Act to property comprised in the Board’s undertaking is a reference to such property of the Board whether situated in Singapore or elsewhere; and
any such reference to rights and liabilities comprised in the Board’s undertaking is a reference to such rights to which the Board is entitled or, as the case may be, such liabilities to which the Board is subject, whether under the laws of Singapore or any country outside Singapore and includes rights and liabilities arising under loans raised in relation to the Board’s undertaking.
(6)
It shall be the duty of the Board and of each successor company to take all such steps as may be requisite to secure that the vesting in each such company by virtue of this section of any foreign property, right or liability is effective under the relevant foreign law and until such time it shall be the duty of the Board to hold that property or right for the benefit of, or to discharge that liability on behalf of, each such company.
(7)
Nothing in subsection (6) shall be taken as prejudicing the effect under the laws of Singapore of the vesting in any successor company by virtue of this section of any foreign property, right or liability.
(8)
Any expenses incurred and liabilities discharged by the Board under subsection (6) shall be paid by the relevant successor company.
(9)
In subsections (6) and (7), references to any foreign property, right or liability are references, respectively, to any property, right or liability comprised in the Board’s undertaking in respect of which any issue arising in any proceedings would have been determined (in accordance with the rules of conflict of laws) by reference to the law of a country or territory outside Singapore.