Singapore legislation
Section 5
of Post Office Savings Bank of Singapore (Transfer of Undertakings and Dissolution) Act
Section 5
Provisions as to contracts, deeds and other agreements
(1)
Without prejudice to the generality of any other provision of this Act but subject to any provision in this Act to the contrary effect, the following provisions of this section shall have effect for the purposes of section 4.
(2)
All existing contracts, agreements, certificates, awards, conveyances, deeds, leases, licences, notices, permits, guarantees, bonds, indemnities, mandates, instructions and other instruments entered into by, made with, given to or by or addressed to POSB or, as the case may be, Credit POSB (whether alone or with any other person and whether as principal or agent and whether in writing or not) in respect of any property or liabilities comprised in the undertakings to be transferred to the Bank under section 4 shall be construed and have effect on and from the transfer date as if —
instead of POSB or, as the case may be, Credit POSB, the Bank had been the person by whom they were entered into, with whom they were made, to or by whom they were given or to whom they were addressed (as the case may be);
for any reference (however worded and whether express or implied) to POSB or, as the case may be, Credit POSB there were substituted, as regards anything falling to be done or capable of being done on or after the transfer date, a reference to the Bank; and
any reference (however worded and whether express or implied) to the directors or to any director, officer or employee of POSB or, as the case may be, Credit POSB were, as regards anything falling to be done or capable of being done on or after the transfer date, a reference to the directors of the Bank or, as the case may require, to such director, officer or employee of the Bank as the Bank may appoint for that purpose or, in default of appointment, to the director, officer or employee of the Bank who corresponds as nearly as may be to the first-mentioned director, officer or employee.
(3)
Any existing deed or other instrument or document and any existing contract, agreement or undertaking not in writing (other than one to which subsection (2) applies or a will) in which there is a reference (however worded and whether express or implied) to POSB or, as the case may be, Credit POSB or to the directors or any director, officer or employee of POSB or, as the case may be, Credit POSB in respect of any property or liabilities comprised in the undertakings to be transferred to the Bank under section 4 shall be construed and have effect on and from the transfer date as if —
for any such reference to POSB or, as the case may be, Credit POSB, there were substituted, as regards anything falling to be done or capable of being done on or after the transfer date, a reference to the Bank; and
any such reference to the directors or to any director, officer or employee of POSB or, as the case may be, Credit POSB were, as regards anything falling to be done or capable of being done on or after the transfer date, a reference to the directors of the Bank or, as the case may require, to such director, officer or employee of the Bank as the Bank may appoint for that purpose or, in default of appointment, to the director, officer or employee of the Bank who corresponds as nearly as may be to the first-mentioned director, officer or employee.
(4)
Any deed or other instrument or document (other than a will), and any contract, agreement or undertaking not in writing which is made, executed or given on or after the transfer date and in which there is a reference (however worded and whether express or implied) to POSB or, as the case may be, Credit POSB or to the directors or any director, officer or employee of POSB or, as the case may be, Credit POSB in respect of any property or liabilities comprised in the undertakings to be transferred to the Bank under section 4 shall be construed and have effect on and from the transfer date as if —
for any such reference to POSB or, as the case may be, Credit POSB, there were substituted, as regards anything falling to be done or capable of being done on or after the transfer date, a reference to the Bank; and
any such reference to the directors or to any director, officer or employee of POSB or, as the case may be, Credit POSB were, as regards anything falling to be done or capable of being done on or after the transfer date, a reference to the directors of the Bank or, as the case may require, to such director, officer or employee of the Bank as the Bank may appoint for that purpose or, in default of appointment, to the director, officer or employee of the Bank who corresponds as nearly as may be to the first-mentioned director, officer or employee.