Singapore legislation
Section 13
Section 13
No breach or default, etc., on account of corporatisation
(1)
The operation of this Part shall not be regarded —
as a breach of contract or confidence or otherwise as a civil wrong;
as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets or liabilities; or
as giving rise to any remedy by a party to a legal instrument, or as causing or permitting the termination of any legal instrument, because of a change in the beneficial or legal ownership of any asset or liability.
(2)
The operation of section 6 shall not be regarded as an event of default under any contract or other legal instrument.
(3)
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.
(4)
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.
(5)
No attornment to the successor company by a lessee from the Corporation shall be required.
(6)
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.