Section 9

Where, by virtue of this Act, any right or liability of POSB or, as the case may be, Credit POSB becomes a right or liability of the Bank, the Bank and all other persons shall, on and from the transfer date, have the same rights, powers and remedies (and, in particular, the same rights and powers as to taking or resisting legal proceedings or making or resisting applications 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 Bank.

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 transfer date, be pending or existing by, against or in favour of POSB or, as the case may be, Credit POSB shall not abate or be discontinued or in any way prejudicially affected by reason of the provisions of this Act, but the same may, on and from the transfer date, only be made, continued, prosecuted and enforced by or against or in favour of the Bank as and when it might have been made, continued, prosecuted and enforced by or against or in favour of POSB or, as the case may be, Credit POSB if this Act had not been enacted.

Any judgment, decree, order or award obtained by or against POSB or, as the case may be, Credit POSB and not fully satisfied before the transfer date, shall, to the extent to which it is enforceable by or against POSB or, as the case may be, Credit POSB, only be enforceable, on and from the transfer date, by or against the Bank.

Nothing in this Act shall terminate or prejudicially affect the appointment, authority, rights or powers of any receiver or of any receiver and manager appointed by POSB or, as the case may be, Credit POSB, whether alone or with others, before the transfer date.