Singapore legislation
Clause 3
Clause 3
Transfer to successor company, successor Authority and Government of property, rights and liabilities
(1)
On the appointed day, the property, rights and liabilities comprised in the undertaking of the Authority shall become, by virtue of this section and without further assurance, the property, rights and liabilities of —
the successor company nominated for the purposes of this section by the Minister;
the successor Authority; and
the Government,in such manner of distribution and allocation as may be determined by the Minister and agreed to by the Minister for Finance.
(2)
Any immovable property to be transferred to and vested in the successor company or the successor Authority under subsection (1) shall be held by the successor company or the successor Authority upon such tenure and subject to such conditions as the President may determine.
(3)
If any question arises as to whether any particular property, right or liability of the Authority has been transferred to or vested in the successor company, the successor Authority or the Government under this Act, a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
(4)
It is hereby declared for the avoidance of doubt that —
any reference in this Act to property comprised in the undertaking of the Authority is a reference to such property of the Authority whether situated in Singapore or elsewhere; and
any such reference to rights and liabilities comprised in the undertaking of the Authority is a reference to such rights to which the Authority is entitled or, as the case may be, such liabilities to which the Authority is subject, whether under the laws of Singapore or any country outside Singapore and includes rights and liabilities arising under loans raised in relation to the properties of the Authority.
(5)
It shall be the duty of the successor company and the successor Authority to take all such steps as may be requisite to secure that the vesting in the company by virtue of this section of any foreign property, right or liability is effective under the relevant foreign law and until such time it shall be the duty of the successor Authority to hold that property or right for the benefit of, or to discharge that liability on behalf of, the company.
(6)
Nothing in subsection (5) shall be taken as prejudicing the effect under the laws of Singapore of the vesting in the successor company by virtue of this section of any foreign property, right or liability.
(7)
Any expenses incurred and liabilities discharged by the successor Authority under subsection (5) shall be paid by the successor company.
(8)
In subsections (5) and (6), references to any foreign property, right or liability are references, respectively, to any property, right or liability comprised in the undertaking of the Authority in respect of which any issue arising in any proceedings would have been determined (in accordance with the rules of conflict of laws) by reference to the law of a country or territory outside Singapore.