15. Consideration for transfer of undertakings

Terms defined in s 2

• Bank

  Bank

  Defined · s 2

  “Bank” means The Development Bank of Singapore Ltd;

  Open s 2
• consideration shares

  consideration shares

  Defined · s 2

  “consideration shares” means the convertible preference shares to be allotted and issued by the Bank in consideration for the transfer of the undertakings in accordance with the sale and purchase agreement;

  Open s 2
• POSB

  POSB

  Defined · s 2

  “POSB” means the Post Office Savings Bank of Singapore;

  Open s 2
• sale and purchase agreement

  sale and purchase agreement

  Defined · s 2

  “sale and purchase agreement” means the agreement dated 24th July 1998 made between (1) the Government for itself and for and on behalf of POSB and Credit POSB and (2) the Bank relating to the transfer of the undertakings (as amended or supplemented);

  Open s 2
• transfer date

  transfer date

  Defined · s 2

  “transfer date” means the date appointed by the Minister under section 3;

  Open s 2
• undertakings

  undertakings

  Defined · s 2

  “undertakings” means the POSB undertaking and the Credit POSB undertaking;

  Open s 2