Singapore legislation
Clause 21
Clause 21
Transfer to Authority of property, assets and liabilities
(1)
As from the appointed day, such movable and immovable property vested in the Board and used or managed by the Regulation Department and all assets, interests, rights, privileges, liabilities and obligations of the Board relating to that Department shall be transferred to and shall vest in the Authority without further assurance, act or deed.
(2)
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 Authority under subsection (1), a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested.
(3)
Every proceeding by or against the Board relating to the Regulation Department which are pending on the appointed day may be continued, completed and enforced by or against the Authority.
(4)
Every agreement relating to any of the transferred properties to which the Board was a party immediately before the appointed day, whether or not of such nature that the rights and liabilities thereunder could be assigned, shall have effect as from that day as if —
the Authority had been a party to such an agreement; and
for any reference to the Board there were substituted in respect of anything to be done on or after the appointed day a reference to the Authority.