Singapore legislation
Section 23
Section 23
Transfer of property, assets, liabilities, etc.
(1)
On the transfer date —
such movable property as the Minister for Finance may determine and vested in the Authority immediately before that date for the purposes of the Accountancy Development Division of the Authority (called in this Part the transferred Division); and
all assets, interests, rights, privileges, debts, liabilities and obligations of the Authority relating to the transferred Division, are, by virtue of this section, transferred to and vest in the Commission without further assurance.
(2)
If any question arises as to whether any particular property, asset, interest, right, privilege, debt, liability or obligation has been transferred to or vested in the Commission under subsection (1), a certificate under the hand of the Minister for Finance is conclusive evidence that the property, asset, interest, right, privilege, debt, liability or obligation was or was not so transferred or vested.
(3)
Every agreement relating to any of the transferred property, assets, interests, rights, privileges, debts, liabilities or obligations to which the Authority was a party immediately before the transfer date, whether or not of such a nature that the rights and liabilities under the agreement could be assigned, has effect and is enforceable by or against the Commission as from that date as if —
the Commission had been a party to the agreement instead of the Authority; and
for any reference to the Authority in the agreement there were substituted in respect of anything to be done on or after the transfer date a reference to the Commission.
(4)
Any proceedings or cause of action pending or existing immediately before the transfer date by or against the Authority, or any person acting on its behalf, relating to any portion of the property, assets, interests, rights, privileges, debts, liabilities and obligations transferred to and vested in the Commission under subsection (1) may be continued and enforced by or against the Commission.
(5)
The operation of this section is not to be regarded as —
a breach of contract or confidence or otherwise a civil wrong;
a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets or liabilities;
giving rise to any remedy by a party to a legal instrument, or as causing or permitting the termination of any legal instrument, because of a change in the beneficial or legal ownership of any asset or liability; or
an event of default under any contract or other legal instrument.
(6)
Any provision in any existing contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity or other instrument or undertaking, to which the Authority is a party or may be bound, prohibiting or having the effect of prohibiting the transfer of any property, asset, interest, right, privilege, debt, liability or obligation transferred to the Commission under this section is deemed by this Act to have been waived.