Singapore legislation
Clause 40
Clause 40
Transfer to the Board of water, gas and electricity undertakings of the City Council and loans raised by the City Council
(1)
Upon the coming into operation of this Ordinance —
the water, gas and electricity undertakings of the City Council; and
the assets and liabilities of the City Council in respect of all loans raised by the City Council by the issue of debenture stock and in respect of any other loans raised by the City Council for the purposes of the water, gas and electricity undertakings of the City Council under the provisions of any Municipal Ordinance or of the Local Government Ordinance, 1957 (Ord. 24 of 1957), including the sinking funds created for the redemption of such loans,shall be transferred to and vest in the Board without further assurance.
(2)
Within two years from the date of the coming into operation of this Ordinance, the Minister may, by notification in the Gazette, direct that any part of the water, gas and electricity undertakings so transferred to and vested in the Board shall be transferred to and vest in the Government, and the same shall upon such direction vest in the Government.
(3)
Any proceedings or cause of action pending or existing immediately prior to the coming into operation of this Ordinance by or against the City Council in respect of the undertakings, assets and liabilities transferred to the Board under this section, may be continued and enforced by or against the Board, as it might have been by or against the City Council had this Ordinance not come into operation.
(4)
The value of all assets and liabilities transferred to and vested in the Board in accordance with the provisions of this Part of this Ordinance shall be accounted for on the basis of the book value of such assets and liabilities immediately prior to such transfer.