Singapore legislation
Section 32
Section 32
Transfer to Agency of property, assets and liabilities
(1)
As from 1 September 2003 —
such movable and immovable property vested in the Government as may be determined by the Minister for Finance and used or managed by the transferred agencies specified in the second column of item 1 in the Schedule;
such movable and immovable property vested in the Standards, Productivity and Innovation Board established under section 3 of the Standards, Productivity and Innovation Board Act (Cap. 303A, 2002 Revised Edition) and used or managed by the transferred agencies specified in the second column of item 2 in the Schedule; and
all assets, interests, rights, privileges, liabilities and obligations of the transferring bodies relating to the transferred agencies,are transferred to and vest in the Agency without further assurance, act or deed.
(2)
If any question arises as to whether any particular property, or whether any particular asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Agency under subsection (1), a certificate under the hand of the Minister for Finance is conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested.
(3)
Any immovable property to be transferred to and vested in the Agency under subsection (1) must be held by the Agency upon such tenure and subject to such terms and conditions as the President may determine.
(4)
All proceedings in respect of the transferred properties by or against a transferring body which are pending on 1 September 2003 may be continued, completed and enforced by or against the Agency.
(5)
Every agreement relating to any of the transferred properties to which a transferring body was a party immediately before 1 September 2003, whether or not of such nature that the rights and liabilities under that agreement could be assigned, has effect as from that date as if —
the Agency had been a party to such an agreement; and
for any reference to the transferring body there was substituted in respect of anything to be done on or after 1 September 2003 a reference to the Agency.