Section 68

all movable and immovable property vested in the Institute of Certified Public Accountants of Singapore (hereinafter called the Institute) immediately before that date and all assets, interests, rights, privileges, liabilities and obligations of the Institute are transferred to and vest in its successor company without any further assurance, act or deed;

all individuals employed immediately before that date by the Institute are transferred to the service of its successor company on terms no less favourable than those enjoyed by them immediately prior to their transfer;

all deeds, contracts, schemes, bonds, agreements, instruments and arrangements subsisting immediately before that date to which the Institute is a party continue in force and are enforceable by or against its successor company as if the successor company had been named therein or had been a party thereto instead of the Institute; and

all persons who, immediately before that date, were members of the Institute become professional members of its successor society, in accordance with such classes of professional membership as may be determined by the successor society.