27G. Scheme for transfer of property, rights and liabilities from existing licensee to new licensee

Without limiting sections 27B, 27C and 27D, where a special administration order is made in relation to a relevant entity that is a licensee (called the existing licensee) and it is proposed that, on or after a date appointed in the order, another entity (which may or may not be the appointed person) that is a company (called the new licensee) should operate the rapid transit system that the existing licensee is authorised to operate, in place of the existing licensee —

the existing licensee, acting with the consent of the new licensee and of any other licensees (in respect of matters affecting them), may make a scheme, in accordance with any prescribed requirements, for the transfer of property, rights and liabilities from the existing licensee to the new licensee;

any such scheme does not take effect unless it is approved by the Authority;

the Authority may, with the consent of the new licensee, of the existing licensee and, in respect of matters affecting them, of any other licensees, modify any such scheme before approving it;

it is the duty of the new licensee, the existing licensee and any other licensees to provide the Authority with all such information and other assistance as the Authority may reasonably require for the purposes of, or in connection with, the exercise of any power conferred under this section;

the property, rights and liabilities of the existing licensee that are capable of being transferred in accordance with any such scheme include —

property, rights and liabilities that would not otherwise be capable of being transferred or assigned by the existing licensee;

such property, rights and liabilities to which the existing licensee may become entitled or subject after the making of the scheme and before the day the special administration order is discharged;

property situated anywhere in Singapore or elsewhere; and

rights and liabilities under the law of Singapore or of any country or territory outside Singapore;

any such scheme for the transfer of the existing licensee’s property, rights and liabilities may, where appropriate —

create for the existing licensee, the new licensee or any other licensees an interest in or right over any property to which the scheme relates;

create new rights and liabilities as between any 2 or more of those licensees; and

provide for a licence held by an existing licensee to have effect as if it had been granted to the new licensee; and

any such scheme for the transfer of the existing licensee’s property, rights and liabilities has, upon its coming into force, effect in accordance with its provisions and without further assurance, so as to transfer the property, rights and liabilities to which the scheme relates to the new licensee.