Singapore legislation
Section 15
of Post Office Savings Bank of Singapore (Transfer of Undertakings and Dissolution) Act
Section 15
Consideration for transfer of undertakings
(1)
As consideration for the transfer of the undertakings, the Bank shall, on the transfer date, allot and issue to POSB or such other body corporate or company nominated by POSB, credited as fully paid and free from all claims, charges, liens, equities and other encumbrances, the consideration shares.
(2)
The consideration shares shall carry the rights and privileges in accordance with the sale and purchase agreement.