Clause 3

On the appointed day, all the estates and interests of —

the Housing and Urban Development Company in the lands described in the First Schedule to this Act; and

the Jurong Town Corporation in the lands described in the Second Schedule to this Act,shall vest in the Board without further assurance subject to the same conditions of tenure incident thereto and to any subsisting encumbrances; and the Board shall have the power to execute any instrument under the Land Titles Act (Cap. 276), disposing of or creating an interest in any of the lands so vested in the Board (hereinafter referred to as “transferred properties”).(2) On the appointed day, any land described in the Second Schedule to this Act which immediately before that day was held in trust for the Jurong Town Corporation shall be held upon the same trust for the Board.(3) Without prejudice to the generality of subsection (1), on the appointed day all the rights and liabilities of the Housing and Urban Development Company or the Jurong Town Corporation in connection with or pertaining to the transferred properties shall be transferred to the Board.(4) All proceedings in respect of the transferred properties by or against the Housing and Urban Development Company or the Jurong Town Corporation which are pending on the appointed day may be continued, completed and enforced by or against the Board.(5) Every agreement relating to any of the transferred properties to which the Housing and Urban Development Company or the Jurong Town Corporation 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 the appointed day as if —

the Board had been a party to such an agreement; and

for any reference to the Housing and Urban Development Company or the Jurong Town Corporation there were substituted in respect of anything to be done on or after the appointed day a reference to the Board.(6) Without prejudice to the generality of subsection (1), in respect of lands vested in the Board under paragraph (b) of subsection (1), the Board may exercise all those powers conferred on the Jurong Town Corporation by Part IV of the Jurong Town Corporation Act (Cap. 209) and any reference to an appeal to the Minister in Part IV of that Act shall be construed as a reference to an appeal to the Minister charged with the responsibility for the Board.Payment of compensation for transferred properties30B.—

The Board shall pay to —

the Housing and Urban Development Company for the estates and interests in the lands vested in the Board under paragraph (a) of subsection (1) of section 30A such compensation as may be agreed between the Board and the Housing and Urban Development Company; and

the Jurong Town Corporation for the estates and interests in the lands vested in the Board under paragraph (b) of subsection (1) of section 30A such compensation as may be agreed between the Board and the Jurong Town Corporation.(2) Any dispute between the Board and the Housing and Urban Development Company or the Jurong Town Corporation as to the compensation to be paid under subsection (1) shall be referred to an arbitrator to be appointed by the Minister and the decision of the arbitrator shall be final and binding on the parties.HUDC dwellings30C. All dwellings erected before or after the appointed day on those lands which immediately prior to the appointed day were vested in the Housing and Urban Development Company and are vested in the Board pursuant to paragraph (a) of subsection (1) of section 30A shall be known as “HUDC dwellings” after the appointed day.Transfer of rights and obligations relating to applications for HUDC dwellings30D.—

Subject to this section, on and after the appointed day, all the rights and obligations of the Housing and Urban Development Company with respect to the sale of its dwellings (referred to in this Act as HUDC dwellings) shall be transferred to the Board.(2) In all applications made to and registered with the Housing and Urban Development Company prior to the appointed day for the purchase of HUDC dwellings, any reference to the Housing and Urban Development Company shall be read as if it were a reference to the Board.(3) The Board shall have power to vary the terms and conditions of any application made by an applicant and registered with the Housing and Urban Development Company prior to the appointed day for the sale and purchase of a HUDC dwelling after that day.(4) Where an applicant refuses or fails to accept the terms and conditions as varied by the Board pursuant to subsection (3), the Board may cancel his application and refund the registration fee paid to the applicant; and no proceedings shall be instituted in any court by the applicant against the Board to recover any loss suffered directly or indirectly by the applicant arising out of or caused by the cancellation of his application.”.