Clause 23

the Singapore Industrial Promotion Board shall cease to exist as a body corporate;

all the assets and movable and immovable property of every description and all the powers, rights and privileges in connection therewith or appertaining thereto which immediately before the coming into operation of this Ordinance were vested in the Singapore Industrial Promotion Board shall forthwith vest in the Board freed and discharged from any trust whatsoever, but subject nevertheless to the provisions of this Ordinance; and

all liabilities and obligations of the Singapore Industrial Promotion Board which may have existed immediately prior to the coming into operation of this Ordinance shall be transferred to and vest in the Board.