Competition Act 2004 · 2020 Revised Edition · Part 2 · Competition and Consumer Commission of Singapore
24. Transfer to Commission of property, assets and liabilities
Feedback & supportAs from 1 January 2005, such movable and immovable property vested in the Government as may be determined by the Minister for Finance and used or managed by the Market Analysis Division of the Ministry of Trade and Industry (called in this Division the transferred Division) and all assets, interests, rights, privileges, liabilities and obligations of the Government relating to the transferred Division are transferred to and vest in the Commission without further assurance, act or deed.
Commission
“Commission” means the Competition and Consumer Commission of Singapore established by section 3;
If any question arises as to whether any particular property, asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Commission under subsection (1), a certificate under the hand of the Minister for Finance is conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested.
asset
“asset”, in relation to the transferor, means property of any kind (whether tangible or intangible, whether arising from, accruing under, created or evidenced by or the subject of, an instrument or otherwise and whether actual or contingent) of the transferor on the eve of the transfer date and includes, without limitation, any —(a)legal or equitable interest in real or personal property, whether situated in Singapore or elsewhere;(b)chose in action;(c)money or securities;(d)plant and equipment, whether situated in Singapore or elsewhere;(e)intellectual property;(f)infrastructure, whether situated in Singapore or elsewhere;(g)records; and(h)right;
Any immovable property to be transferred to and vested in the Commission under subsection (1) is held by the Commission upon such tenure and subject to such terms and conditions as the President may determine.
Every agreement relating to any of the transferred properties to which the Government was a party immediately before 1 January 2005, whether or not of such nature that the rights and liabilities under the agreement could be assigned, has effect as from that date as if —
the Commission had been a party to such an agreement; and
for any reference to the Government there was substituted in respect of anything to be done on or after 1 January 2005 a reference to the Commission.