Singapore legislation
Clause 10
Clause 10
Savings and transitional provisions
(1)
On the appointed day —
the Board of Commissioners of Currency, Singapore (referred to in this section as the Board) shall be dissolved;
currency notes and coins issued by the Board before the appointed day shall for all purposes be deemed to have been issued by the Monetary Authority of Singapore (referred to in this section as the Authority);
the reserves accumulated by the Board before the current term of office of the Government shall be added to the reserves accumulated by the Authority before such term; and
all assets and moneys of the Currency Reserve Fund shall be transferred to the Currency Fund.
(2)
Any decision made by the Board under the Currency Act before the appointed day shall be deemed to be a decision made by the Authority.
(3)
Any permission, consent, approval or authorisation granted by the Board under the Currency Act before the appointed day shall, so far as it is not inconsistent with the provisions of the Currency Act (as amended by this Act), be deemed to be a permission, consent, approval or authorisation granted by the Authority.
(4)
Any certificate, notice, order, direction or declaration issued or made by the Board or an officer of the Board under the Currency Act before the appointed day shall be deemed to be a certificate, notice, order, direction or declaration issued or made by the Authority or an officer of the Authority.
(5)
Where in any document any reference is made to the Board of Commissioners of Currency, Singapore, such reference shall, as from the appointed day, be read as the Monetary Authority of Singapore.
(6)
The Minister may, by order published in the Gazette, make such other savings or transitional provisions which appear to him to be necessary or expedient for the purposes of this Act.
(7)
In this section, “appointed day” means the date of commencement of this Act.