Singapore legislation
Clause 43
Clause 43
Transfer to Authority of property, assets and liabilities
(1)
As from the appointed day —
all movable and immovable property vested in the transferring bodies and used or managed by the transferred agencies and all assets, interests, rights, privileges, liabilities and obligations relating to the transferred agencies; and
all movable and immovable property vested in the Singapore Broadcasting Authority and all assets, interests, rights, privileges, liabilities and obligations relating to the Singapore Broadcasting Authority,shall be transferred to and shall vest in the Authority without further assurance, act or deed.
(2)
If any question arises as to whether any particular property, asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Authority under subsection (1), a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested.
(3)
Any immovable property to be transferred to and vested in the Authority under subsection (1) shall be held by the Authority upon such tenure and subject to such terms and conditions as the President may determine.
(4)
All proceedings in respect of the transferred properties by or against a transferring body or the Singapore Broadcasting Authority which are pending on the appointed day may be continued, completed and enforced by or against the Authority.
(5)
Every agreement relating to any of the transferred properties to which a transferring body or the Singapore Broadcasting Authority was a party immediately before the appointed day, whether or not of such nature that the rights and liabilities thereunder could be assigned, shall have effect as from that day as if —
the Authority had been a party to such an agreement; and (b)for any reference to the transferring body or the Singapore Broadcasting Authority, as the case may be, there were substituted in respect of anything to be done on or after the appointed day a reference to the Authority.