Singapore legislation

Clause 3

Vesting of the Board’s assets and liabilities in the Authority

Upon the date of commencement of this Act —

(a)

the Board and the Fund shall cease to exist;

(b)

all monies and other assets standing to the credit of the Fund shall forthwith be paid and transferred to the account of the Authority;

(c)

all the assets, movable and immovable property of every description and all the powers, rights and privileges in connection therewith or appertaining thereto which immediately prior to the date of commencement of this Act were vested in the Board shall forthwith be transferred to and vested in the Authority without further assurance and shall be freed and discharged of any trust or other equitable interest whatsoever;

(d)

all rights, obligations and liabilities of the Board which may have existed immediately prior to the date of commencement of this Act shall be deemed to be the rights, obligations and liabilities of the Authority.

Read in full context — Light Dues (Repeal) Bill →