Singapore legislation
Clause 70
Clause 70
Transitional provisions relating to Institute of Certified Public Accountants of Singapore
(1)
As from the appointed day —
all movable and immovable property vested in the Institute of Certified Public Accountants of Singapore (hereafter referred to as the Institute) immediately before that day and all assets, interests, rights, privileges, liabilities and obligations of the Institute shall be transferred to and shall vest in its successor company without any further assurance, act or deed;
all persons employed immediately before that day by the Institute shall be transferred to the service of its successor company on terms no less favourable than those enjoyed by them immediately prior to their transfer;
all deeds, contracts, schemes, bonds, agreements, instruments and arrangements subsisting immediately before that day to which the Institute is a party shall continue in force and shall be enforceable by or against its successor company as if the successor company had been named therein or had been a party thereto instead of the Institute;
every person who, immediately before that day, was the President, the Vice-President, the Treasurer or a member of the Council of the Institute shall hold office for a period of not more than 6 months therefrom in such capacity in the interim governing committee (by whatever name called) of the Institute’s successor society, until such time as elections are held in accordance with the rules of the successor society to elect a governing committee for the successor society; and
all persons who, immediately before that day, were members of the Institute shall become professional members of its successor society, in accordance with such classes of professional membership as may be determined by the successor society.
(2)
Where, on the appointed day, any disciplinary proceedings were pending against any member of the Institute who had become a member of its successor society by virtue of subsection (1)(e), the proceedings may be carried on and completed by the successor society; but where on that day any matter was in the course of being heard or investigated or had been heard and investigated by a committee acting under due authority but no order or decision had been rendered thereon, the committee shall complete the hearing or investigation and make such order, ruling or direction as it could have made or given under the authority vested in it before that day.
(3)
For the purpose of subsection (2), any ruling, order or direction made or given by a committee under that subsection shall be treated as an order, a ruling or a direction of the successor society and have the same force and effect as if it had been made by the successor society.
(4)
In this section —
Definition
“Institute of Certified Public Accountants of Singapore” means the former Institute of Certified Public Accountants of Singapore established under Part VI of the repealed Accountants Act;
Definition
“successor company”, in relation to the Institute of Certified Public Accountants of Singapore, means the company incorporated by the successor society of the Institute under the Companies Act (Cap. 50) and designated by the Minister, by notification in the Gazette, to be the successor company of the Institute for the purposes of subsection (1)(a), (b) and (c);
Definition
“successor society”, in relation to the Institute of Certified Public Accountants of Singapore, means the society registered under the Societies Act (Cap. 311) that is designated by the Minister, by notification in the Gazette, to be the society succeeding to the functions of the Institute as a professional accountancy body.