Singapore legislation
Clause 11
Clause 11
Transfer of property, liabilities, etc.
Upon the coming into operation of this Act —
(a)
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 appointed day were vested in the Association shall forthwith vest in the Society without further assurance;
(b)
all liabilities and obligations of the Association which may have existed immediately prior to the appointed day shall be transferred to and vest in the Society; and
(c)
every person in the service of the Association shall be deemed to be transferred to the service of the Society subject to any provision that may subsequently be made by the Council.