Singapore legislation
Section 18
of Post Office Savings Bank of Singapore (Transfer of Undertakings and Dissolution) Act
Section 18
Repeal of Post Office Savings Bank of Singapore Act
(1)
On the transfer date, sections 4, 5, 6, 16 and Parts III, IV, V and VI of the Post Office Savings Bank of Singapore Act (Cap. 237) are repealed.
(2)
On the transfer date, all subsidiary legislation made under the Post Office Savings Bank of Singapore Act are repealed.
(3)
On the appointed day, sections 1, 2, 3, 7 to 15 and 17 of the Post Office Savings Bank of Singapore Act are repealed.
(4)
On the appointed day —
all property and liabilities (including any then subsisting excluded property and excluded liabilities) of POSB and Credit POSB not comprised in the undertakings transferred to the Bank on the transfer date shall, by virtue of this Act and without any further assurance, act or deed, be transferred to, and shall vest in, the Government or such other body corporate or company nominated for the purposes of this section by the Minister;
the Government or such other body corporate or other company nominated for the purposes of this section shall, on and from the appointed day, have the same rights, powers and remedies (and, in particular, the same rights and powers as to the taking or resisting legal proceedings or making or resisting application to any authority) for ascertaining, claiming, perfecting or enforcing that right or liability as if it had at all times been a right or liability of the Government or such other nominated body corporate or company; and
any claim (including any contingent claim), action, arbitration or proceeding and any cause of action, arbitration or proceeding and any application to any authority which shall, immediately before the appointed day, be pending or existing by, against or in favour of POSB or, as the case may be, Credit POSB, shall not be abated or be discontinued or in any way prejudicially affected by reason of the provisions of this Act, but the same may, on and from that day, only be made, continued, prosecuted and enforced by or against or in favour of the Government or such other nominated body corporate or company.
(5)
For the purposes of this section, “appointed day” means such date as the Minister may, by notification in the Gazette2, appoint.2 For the purposes of section 18 (3) and (4), the appointed day is 21st May 1999 — vide S 226/99.