Singapore legislation

Clause 33

Rules and saving for step-in arrangements

(1)

The Minister may, by rules published in the Gazette, give effect to this Part, including make provision for applying, omitting or modifying provisions of Part VIIIA of the Companies Act (Cap. 50) where a step-in order is made.

(2)

Nothing effected or to be effected by this Part or done under this Part —

(a)

is to be regarded as placing any person in breach of contract or confidence or as otherwise making any person guilty of a civil wrong;

(b)

is to be regarded as placing any person in breach of, or as constituting a default under, any Act or other law or obligation or any provision in any agreement, arrangement or understanding including, but not limited to, any provision or obligation prohibiting, restricting or regulating the assignment, transfer, sale or disposal of any property or the disclosure of any information;

(c)

is to be regarded as fulfilling any condition that allows a person to exercise a power, right or remedy in respect of or to terminate any agreement or obligation;

(d)

is to be regarded as giving rise to any remedy for a party to a contract or an instrument or as causing or permitting the termination of any contract or instrument because of a change in the beneficial or legal ownership of any relevant property;

(e)

is to be regarded as causing any contract or instrument to be void or otherwise unenforceable, or as frustrating any contract; or

(f)

releases any surety or other obligor wholly or in part from any obligation.

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