Clause 8

On the transfer date, all persons employed immediately before that date by POSB or, as the case may be, Credit POSB shall be transferred to the service of the Bank on the same terms as those enjoyed by them immediately before that date.

Section 5(2) shall apply to a contract for the employment of any person by POSB or, as the case may be, Credit POSB and employment by POSB or, as the case may be, Credit POSB and the Bank under any such contract shall be deemed for all purposes to be a single continuing employment.

Where on the transfer date any disciplinary proceedings were pending against any employee of POSB or, as the case may be, Credit POSB transferred to the service of the Bank under subsection (1), the proceedings shall be carried on and completed by the Bank.

The Bank may reprimand, reduce in rank, retire, dismiss or punish in some other manner a person who had, while he was in the employment of POSB or, as the case may be, Credit POSB, been guilty of any misconduct or neglect of duty which would have rendered him liable to be reprimanded, reduced in rank, retired, dismissed or punished in some other manner if he had continued to be in the employment of POSB or, as the case may be, Credit POSB and if this Act had not been enacted.

Where an employee of POSB or, as the case may be, Credit POSB has been transferred to the service of the Bank under subsection (1) and on the transfer date any penalty (other than dismissal) has been imposed on the employee pursuant to disciplinary proceedings against him and the penalty has not been, or remains to be, served by the employee, he shall, on his transfer to the service of the Bank, serve or continue to serve such penalty to its full term as if it had been imposed by the Bank and the penalty shall remain valid against the employee on his transfer and shall continue in full force and effect until he has served the penalty in full.