Singapore legislation
Clause 32
Clause 32
Transfer to Agency of property, assets and liabilities
(1)
As from the appointed day —
such movable and immovable property vested in the Government as may be determined by the Minister for Finance and used or managed by the transferred agencies specified in the second column of item 1 in the First Schedule;
such movable and immovable property vested in the Standards, Productivity and Innovation Board established under section 3 of the Standards, Productivity and Innovation Board Act (Cap. 303A) and used or managed by the transferred agencies specified in the second column of item 2 in the First Schedule; and
all assets, interests, rights, privileges, liabilities and obligations of the transferring bodies relating to the transferred agencies,shall be transferred to and shall vest in the Agency without further assurance, act or deed.
(2)
If any question arises as to whether any particular property, or whether any particular asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Agency 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 Agency under subsection (1) shall be held by the Agency 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 which are pending on the appointed day may be continued, completed and enforced by or against the Agency.
(5)
Every agreement relating to any of the transferred properties to which a transferring body 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 Agency had been a party to such an agreement; and (b)for any reference to the transferring body there was substituted in respect of anything to be done on or after the appointed day a reference to the Agency.