Singapore legislation
Section 4
of Post Office Savings Bank of Singapore (Transfer of Undertakings and Dissolution) Act
Section 4
Transfer of undertakings
(1)
On the transfer date, the POSB undertaking shall, by virtue of this Act and without any further assurance, act or deed, be transferred to, and shall vest in, the Bank to the intent that the Bank shall succeed to the POSB undertaking as if in all respects the Bank were the same person in law as POSB.
(2)
On the transfer date, the Credit POSB undertaking shall, by virtue of this Act and without any further assurance, act or deed, be transferred to, and shall vest in, the Bank to the intent that the Bank shall succeed to the Credit POSB undertaking as if in all respects the Bank were the same person in law as Credit POSB.
(3)
For the purposes of determining the undertakings to be transferred to the Bank under this section, the Minister shall, on or before the transfer date, after consultation with the Bank, by notification to the Bank, specify the respective excluded property and excluded liabilities of POSB and Credit POSB which shall not be transferred to the Bank as part of the respective undertakings.
(4)
A certificate under the hand of the Minister as to whether any property or liabilities of POSB or, as the case may be, Credit POSB are excluded property and excluded liabilities shall be conclusive evidence of such fact.