Singapore legislation
Clause 5
Clause 5
Transfer to Government of assets and liabilities of City Council and Rural Board
(1)
Upon the coming into operation of this Ordinance, all lands, buildings and other property, movable and immovable, of the City Council and of the Rural Board at the end of the year 1960, including all assets, powers, rights, interests and privileges as well as debts, liabilities and obligations in connection therewith or appertaining thereto, other than those vested in and held by the City Council —
for the purposes of the water, gas and electricity undertakings of the City Council as defined in section 39 of the Public Utilities Ordinance, 1962 (Ord. — of 1962); and
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 said 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 deemed to have been transferred to and vested in the Government without further assurance on the 1st day of January 1961.
(2)
The Minister for Finance may, by notification in the Gazette, direct that any of the assets and liabilities so deemed to have been transferred to and vested in the Government shall be transferred to and vested in the Public Utilities Board and the same shall be vested in the Board with effect from the date specified in such direction.
(3)
Any proceeding or cause of action pending or existing immediately prior to the coming into operation of this Ordinance by or against the City Council or the Rural Board in respect of the assets and liabilities transferred to the Government under this section may be continued and enforced by or against the Government, as it might have been by or against the City Council or the Rural Board, had this Ordinance not come into operation.