6. Provisions as to trust property transferred and custodianship
Feedback & supportAny property transferred to and vested in the Bank by virtue of this Act which, immediately before the transfer date, was held by POSB or, as the case may be, Credit POSB, whether alone or jointly with any other person —
property
“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;
as trustee or custodian trustee of any trust deed, settlement, covenant, agreement or will, and whether originally so appointed or not, and whether appointed under hand or seal, or by order of any court or otherwise;
as executor of the will of a deceased person;
as administrator of the estate of a deceased person; or
in any other fiduciary capacity,shall, on and from the transfer date, be held by the Bank alone or jointly with such other person, as the case may be, in the same capacity, upon the trusts, and with and subject to the rights, powers, provisions, liabilities and obligations applicable thereto respectively.
Any order of any court or any trust deed, settlement, covenant, agreement, will or appointment, whether made or executed before, on or after the transfer date, under or by virtue of which POSB or, as the case may be, Credit POSB was or is or, but for the provisions of this section, would have been (whether alone or with any other person) granted letters of administration or appointed trustee, custodian trustee, executor, tutor, curator, guardian or custodian or appointed or confirmed in any other fiduciary capacity shall not fail by reason of anything in this Act but shall, on and from the transfer date (or, if it be later, the date upon which such order, trust deed, settlement, covenant, agreement, will or appointment is made or executed), be read, construed and have effect as if for any reference therein to POSB or, as the case may be, Credit POSB there were substituted a reference to the Bank.
will
“will” includes a codicil, trust disposition and settlement, any other testamentary writing and any deed, disposition, contract, instrument or writing taking effect on the death of any person whereby any part of his estate is disposed of, or under which a succession thereto arises.
Where any order, trust deed, settlement, covenant, agreement, will or appointment such as is mentioned in subsection (2) authorised or authorises POSB or, as the case may be, Credit POSB or (in the case of any such order, trust deed, settlement, covenant, agreement, will or appointment taking effect after the transfer date) would have authorised POSB or, as the case may be, Credit POSB (if it had accepted such appointment) to charge remuneration or otherwise to act in accordance with a scale or terms or conditions applicable to POSB or, as the case may be, Credit POSB at any particular date before, on or after the transfer date or for the time being, then on and from the transfer date (or, if it be later, the date upon which such order, trust deed, settlement, covenant, agreement, will or appointment is made or executed) every reference in such order, trust deed, settlement, covenant, agreement, will or appointment to such scale or terms or conditions shall be construed and have effect as if the same were a reference to the corresponding scale or terms or conditions applicable to the Bank at such particular date or for the time being, as the case may be.