Singapore legislation
Section 6
Section 6
Transfer to successor company of Corporation’s undertaking
(1)
On the transfer date, the undertaking of the Corporation shall be transferred to and become, by virtue of this section and without further assurance, the undertaking of the successor company.
(2)
Any immovable property to be transferred to and vested in the successor company under subsection (1) shall be held by the successor company upon such tenure and subject to such terms and conditions as the President may determine.
(3)
If any question arises as to whether any particular property, right or liability of the Corporation has been transferred to or vested in the successor company under this Act, a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
(4)
It is hereby declared for the avoidance of doubt that —
any reference in this Act to property comprised in the undertaking of the Corporation is a reference to such property of the Corporation whether situated in Singapore or elsewhere; and
any such reference to rights and liabilities comprised in the undertaking of the Corporation is a reference to such rights to which the Corporation is entitled or, as the case may be, such liabilities to which the Corporation is subject, whether under the laws of Singapore or any country outside Singapore and includes rights and liabilities arising under loans raised in relation to the properties of the Corporation.
(5)
It shall be the duty of the successor company to take all such steps as may be requisite to secure that the vesting in the company by virtue of this section of any foreign property, right or liability is effective under the relevant foreign law and until such time it shall be the duty of the Government to hold that property or right for the benefit of, or to discharge that liability on behalf of, the company.
(6)
Nothing in subsection (5) shall be taken as prejudicing the effect under the laws of Singapore of the vesting in the successor company by virtue of this section of any foreign property, right or liability.
(7)
Any expenses incurred and liabilities discharged by the successor company under subsection (5) shall be paid by the successor company.
(8)
In subsections (5) and (6), references to any foreign property, right or liability are references, respectively, to any property, right or liability comprised in the undertaking of the Corporation in respect of which any issue arising in any proceedings would have been determined (in accordance with the rules of conflict of laws) by reference to the law of a country or territory outside Singapore.