Singapore legislation
Clause 4
Clause 4
Vesting of the Association’s assets and property in the Corporation
(1)
Upon the coming into operation of this Part of this Act —
the Association shall cease to exist as a society under the Societies Ordinance (Cap. 228) and shall be transferred to and maintained by the Corporation;
the Corporation shall take over all the functions of the Association;
all the assets and movable and immovable property of every description and all the powers, rights and privileges in connection therewith or appurtaining thereto which immediately before the date of the coming into operation of this Part of this Act were vested in the Association shall forthwith vest in the Corporation freed and discharged from any trust whatsoever, but subject nevertheless to the provisions of this Act; and
all the liabilities and obligations of the Association which may have existed immediately prior to the date of the coming into operation of this Part of this Act shall be transferred to and vest in the Corporation.
(2)
Any existing trustees of the Association at the date of the coming into operation of this Part of this Act shall forthwith be released and discharged from any duties or responsibilities under any trust which may have existed immediately prior to the date of the coming into operation of this Part of this Act.