Section 41
Confirmation of undertaking transferred
of Jurong Town Corporation Act 1968
(1)
For the purposes of determining the undertaking to be transferred to the Corporation under this Part, the Minister and the Minister charged with the responsibility for the transferor must, before the transfer date, after consulting the transferor and the Corporation, jointly specify the assets and liabilities of the transferor that relate to the functions of the Industrial Properties Group which must not be transferred to the Corporation under this Part.
(2)
If any dispute arises —
as to whether an asset or a liability, or an employee or a record is transferred under section 37, 38 or 40; or
as to whether any, or any part of any, contract or document relates to an asset or a liability, or an employee or a record, transferred under section 37, 38 or 40,the Minister for Finance may determine the matter and is to provide the concerned parties with written notice of that determination.
(3)
The determination of the Minister for Finance under subsection (2) is final and binding on the transferor and the Corporation.