Singapore legislation
Section 98
of Gas Act 2001
Section 98
Transfer of property, rights, obligations and liabilities for separation of gas transporting and retailing business
(1)
On such date as the Minister may determine, such property (whether movable or immovable and whether tangible or intangible), rights, obligations and liabilities comprised in any gas company specified by the Minister —
in which the Government has an interest; and
which is agreed to by the Minister for Finance for the purposes of this section,(transferor undertaking) are to become, by virtue of this section and without further assurance, the property, rights, obligations and liabilities of such other gas company specified by the Minister —
in which the Government has an interest; and
which is agreed to by the Minister for Finance for the purposes of this section,(transferee undertaking) in such manner of distribution or allocation and on such terms as to compensation or otherwise, as determined by the Minister and agreed to by the Minister for Finance and set out in a scheme under regulations made by the Minister for the purposes of this section.
(2)
Any immovable property to be transferred to a transferee undertaking under subsection (1) is to be held by such transferee undertaking upon such tenure and subject to such terms and conditions as the Minister may determine.
(3)
If any question arises as to whether any particular property, right, obligation or liability of any transferor undertaking has been transferred to a transferee undertaking, a certificate signed by the Minister for Finance is conclusive evidence that the property, right, obligation or liability was or was not so transferred.
(4)
For the purposes of subsection (1) and section 99, the Minister may determine one or more dates on which the provisions of this Part may have effect and where the Minister does so determine, the provisions of this Part are to be construed accordingly and have effect on each such date.
(5)
For the purpose of subsection (1), the Minister may direct that an undertaking be incorporated for such purposes as the Minister may determine for furthering the objectives of this Part.
(6)
No claim for any loss may be brought against the Government in relation to any act or thing done for the purposes of this Part.
(7)
The Minister may at any time vary the terms of any transfer of property, rights, obligations or liabilities under this section.
(8)
In this section, a reference to the Government having an interest in a gas company is to be read as a reference to the Government having an interest in any share in the gas company, whether directly or through one or more other persons.