4. Transfer of undertakings

(1)

On the transfer date, the POSB undertaking shall, by virtue of this Act and without any further assurance, act or deed, be transferred to, and shall vest in, the Bank to the intent that the Bank shall succeed to the POSB undertaking as if in all respects the Bank were the same person in law as POSB.

(2)

On the transfer date, the Credit POSB undertaking shall, by virtue of this Act and without any further assurance, act or deed, be transferred to, and shall vest in, the Bank to the intent that the Bank shall succeed to the Credit POSB undertaking as if in all respects the Bank were the same person in law as Credit POSB.

(3)

For the purposes of determining the undertakings to be transferred to the Bank under this section, the Minister shall, on or before the transfer date, after consultation with the Bank, by notification to the Bank, specify the respective excluded property and excluded liabilities of POSB and Credit POSB which shall not be transferred to the Bank as part of the respective undertakings.

(4)

A certificate under the hand of the Minister as to whether any property or liabilities of POSB or, as the case may be, Credit POSB are excluded property and excluded liabilities shall be conclusive evidence of such fact.

Terms defined in s 2

Bank
Defined · s 2
“Bank” means The Development Bank of Singapore Ltd;
Open s 2
Credit POSB
Defined · s 2
“Credit POSB” means Credit POSB Pte Ltd;
Open s 2
Credit POSB undertaking
Defined · s 2
“Credit POSB undertaking” means the business and all existing property and all existing liabilities of Credit POSB (including all liabilities arising after the transfer date in respect of the business, property and liabilities of Credit POSB transferred on that date), other than the excluded property and excluded liabilities of Credit POSB;
Open s 2
excluded liabilities
Defined · s 2
“excluded liabilities”, in relation to POSB or, as the case may be, Credit POSB, means such existing liabilities of POSB or, as the case may be, Credit POSB as are excluded from the POSB undertaking or, as the case may be, the Credit POSB undertaking under section 4(3);
Open s 2
excluded property
Defined · s 2
“excluded property”, in relation to POSB or, as the case may be, Credit POSB, means such existing property of POSB or, as the case may be, Credit POSB as may be excluded from the POSB undertaking or, as the case may be, the Credit POSB undertaking under section 4(3);
Open s 2
liabilities
Defined · s 2
“liabilities” includes debts, duties and obligations of every description wheresoever arising (whether present or future, actual or contingent);
Open s 2
POSB
Defined · s 2
“POSB” means the Post Office Savings Bank of Singapore;
Open s 2
POSB undertaking
Defined · s 2
“POSB undertaking” means the business and all existing property and all existing liabilities of POSB (including all liabilities arising after the transfer date in respect of the business, property and liabilities of POSB transferred on that date), other than the excluded property and excluded liabilities of POSB;
Open s 2
property
Defined · s 2
“property” means property and assets of every description (whether present or future, actual or contingent) wheresoever situate, and includes property held on trust and securities, rights, benefits and powers of every description but does not include any document (other than accounting records) required to be kept by POSB or by Credit POSB under the Companies Act;
Open s 2
transfer date
Defined · s 2
“transfer date” means the date appointed by the Minister under section 3;
Open s 2
undertakings
Defined · s 2
“undertakings” means the POSB undertaking and the Credit POSB undertaking;
Open s 2

Report

Read on from s 5