CISCO (Dissolution) Act

In this Act, unless the context otherwise requires —

“CISCO” or “Corporation” means the Commercial and Industrial Security Corporation established under the repealed Act;

“liabilities” includes debts, duties and obligations of every description wheresoever arising (whether present or future, actual or contingent);

“property” means property and assets of every description (whether present or future, actual or contingent) wheresoever situate, and includes property held on trust and securities, rights, benefits and powers of every description but does not include any document (other than accounting records) required to be kept by the Corporation;

“repealed Act” means the Commercial and Industrial Security Corporation Act (Cap. 47, 1998 Ed.) repealed by this Act;

“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;

“shares”, in relation to a company, means shares in, or stock forming part of, the capital of the company;

“successor company” means the company nominated by the Minister under section 4;

“transfer date” means the date appointed by the Minister under section 3;

“undertaking” means the business and all the lands, buildings and other property (whether movable or immovable and whether tangible or intangible) vested in the Corporation immediately before the transfer date for the purposes of the Corporation, and all assets, powers, rights, interests, privileges, debts, liabilities and obligations connected therewith.

For the purposes of this Act, a company shall be regarded as wholly owned by the Government at any time when all the issued shares in the company are held by or on behalf of the Government.

As a consequence of the vesting in the successor company by virtue of Part III of the undertaking and employees of the Corporation, the successor company shall issue such securities in the successor company as the Minister for Finance may from time to time direct to any company wholly owned or substantially owned by the Government.

The Minister for Finance shall only give a direction under subsection (1) in relation to the successor company at a time when that company is a company wholly owned or substantially owned by the Government.

Securities required to be issued in pursuance of this section shall be issued or allotted at such time and on such terms as to allotment as the Minister for Finance may direct.

Shares in the successor company issued in pursuance of this section shall —

On the transfer date, the undertaking of the Corporation shall be transferred to and become, by virtue of this section and without further assurance, the undertaking of the successor company.

Any immovable property to be transferred to and vested in the successor company under subsection (1) shall be held by the successor company upon such tenure and subject to such terms and conditions as the President may determine.

If any question arises as to whether any particular property, right or liability of the Corporation has been transferred to or vested in the successor company under this Act, a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.

It is hereby declared for the avoidance of doubt that —

It shall be the duty of the successor company to take all such steps as may be requisite to secure that the vesting in the company by virtue of this section of any foreign property, right or liability is effective under the relevant foreign law and until such time it shall be the duty of the Government to hold that property or right for the benefit of, or to discharge that liability on behalf of, the company.

Nothing in subsection (5) shall be taken as prejudicing the effect under the laws of Singapore of the vesting in the successor company by virtue of this section of any foreign property, right or liability.

Any expenses incurred and liabilities discharged by the successor company under subsection (5) shall be paid by the successor company.

In subsections (5) and (6), references to any foreign property, right or liability are references, respectively, to any property, right or liability comprised in the undertaking of the Corporation in respect of which any issue arising in any proceedings would have been determined (in accordance with the rules of conflict of laws) by reference to the law of a country or territory outside Singapore.

Every person who, immediately before the transfer date —

The service of a person transferred under subsection (1) as an employee of the successor company shall be taken for all purposes to have been continuous with the service of the person, immediately before the transfer date, as an employee of the Corporation.

Notwithstanding any provision of law, no person transferred to the service of the successor company under subsection (1) shall be entitled to receive any payment or other benefit merely because he stopped being an employee of the Corporation as a result of this section or of any other provision of this Act, or on account of the abolition of his office in consequence of the dissolution of the Corporation.

No person holding office as a member of the Corporation immediately before its dissolution shall be entitled to any remuneration or compensation because of the loss of that office.

Subject to the provisions of this section, nothing in section 8(1) shall prevent the terms and conditions of a transferred employee’s employment on or after the transfer date from being varied —

The terms and conditions of employment to be drawn up by the successor company shall take into account the salaries and terms and conditions of service, including any accrued rights to leave, enjoyed by the persons transferred to the service of the successor company under subsection (1) while in the employment of the Corporation, and any such term or condition relating to the length of service with the successor company shall provide for the recognition of service under the Corporation by the persons so transferred to be service by them under the successor company.

If —

If —

For the avoidance of doubt, section 18A of the Employment Act (Cap. 91) shall not apply to the transfer under this Part of any employee of the Corporation to the successor company.

In this section, “vary”, in relation to terms and conditions of service, includes —

Section 8 shall not transfer or otherwise affect the liability of any person to be prosecuted for, convicted of and sentenced for any offence under the Police Force Act (Cap. 235).

Where on the transfer date any disciplinary proceedings were pending against any employee of the Corporation transferred to the service of the successor company under section 8, the proceedings shall be carried on and completed by the successor company —

Where on the transfer date, any disciplinary matter was in the course of being heard or investigated or had been heard and investigated —

The successor company may, subject to the Police Force Act, reprimand, reduce in rank, retire, dismiss or punish in some other manner a person who had, while he was in the employment of the Corporation, been guilty of any misconduct or neglect of duty which would have rendered him liable to be reprimanded, reduced in rank, retired, dismissed or punished in some other manner if he had continued to be in the employment of the Corporation and if this Act had not been enacted.

In this section, any reference to the Police Force Act includes a reference to the Auxiliary Police Forces Regulations made under that Act.

All deeds, bonds, agreements, instruments and working arrangements subsisting immediately before the transfer date affecting —

Any proceedings or cause of action relating to —

The operation of this Part shall not be regarded —

The operation of section 6 shall not be regarded as an event of default under any contract or other legal instrument.

Any provision in any existing contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which the Corporation is a party or may be bound prohibiting or having the effect of prohibiting the transfer of any property, rights, obligations or liabilities comprised in the undertaking transferred under this Part shall be deemed by this Act to have been waived.

Any provision in any existing contract, agreement, conveyance, deed, lease, guarantee, bond, indemnity and other instrument or undertaking to which the Corporation is a party or may be bound conferring on the other party or parties thereto any right of first refusal or pre-emption rights in respect of any property, right, obligation or liability comprised in the undertaking to be transferred by reason of or arising from, or to the effect that a default shall occur or be deemed to occur as a result of, the transfer or intended transfer of the property, right, obligation or liability under this Part shall be deemed by this Act to have been waived.

No attornment to the successor company by a lessee from the Corporation shall be required.

No claim for any loss shall be brought against the Government in relation to any act or thing done for the purposes of this Part.