7. Property in lamps, etc.

Notwithstanding the provisions of Part IV of the Public Utilities Act [Cap. 261], the property of and in all the lamps, lamp-irons, lamp-posts, posts, chains, poles and rails in, about or belonging to all public streets and public bridges and of and in all iron, timber, stone, bricks and other materials and furniture and things belonging thereto and of and in all public standpipes except when it is otherwise regulated by contract with the Government, shall be deemed to have been transferred to and vested in the Government with effect from such date not earlier than 1st January 1961 as may be directed by the Minister for Finance.