13. Transfer of Singapore Harbour Board’s assets and liabilities to Authority

Upon the commencement of this Part, all lands, buildings and other property, movable and immovable, of the Singapore Harbour Board, including all assets, powers, rights, interests and privileges of that Board shall be transferred to and vest in the Authority without further assurance.

Upon such transfer, all debts, liabilities and obligations of the Singapore Harbour Board shall also be transferred to and be deemed to have been incurred by the Authority.[14