Interpretation of this Part
s 3
Open ↗3. In this Part, “Board” means the Board of Commissioners of Currency, Singapore.
Source
Currency Act 1967 PART 2 — TRANSFER OF FUNCTIONS, PROPERTY, LIABILITIES AND EMPLOYEES TO AUTHORITY
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Authority to administer Act
s 4
Open ↗4.—(1) The Authority is charged with the general administration of this Act and the exercise of the functions and duties imposed on the Authority by this Act. (2) The Authority may authorise any person to assist it in the exercise of its functions and duties under this Act, either generally or in a particular case.
Transfer to Authority of property, assets and liabilities
s 5
Open ↗5.—(1) As from 1 October 2002, such movable and immovable property vested in the Board as may be determined by the Minister and all assets, interests, rights, privileges, liabilities and obligations of the Board shall be transferred to and shall vest in the Authority without further assurance, act or deed. (2) If any question arises as to whether any particular property, asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Authority under subsection (1), a certificate under the hand of the Minister is conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested. (3) Any immovable property to be transferred to and vested in the Authority under subsection (1) is to be held by the Authority upon such tenure and subject to such terms and conditions as the President may determine. (4) Every proceedings by or against the Board which are pending on 1 October 2002 may be continued, completed and enforced by or against the Authority. (5) Every agreement relating to any of the transferred properties to which the Board was a party immediately before 1 October 2002, whether or not of such nature that the rights and liabilities thereunder could be assigned, has effect as from that date as if —(a) the Authority had been a party to such an agreement; and (b) for any reference to the Board there were substituted in respect of anything to be done on or after 1 October 2002 a reference to the Authority. (6) To avoid doubt, it is declared that —(a) any reference in this Part to property vested in the Board is a reference to such property of the Board whether situated in Singapore or elsewhere; and (b) any such reference to rights and liabilities of the Board is a reference to such rights to which the Board is entitled or (as the case may be) such liabilities to which the Board is subject, whether under the laws of Singapore or any country outside Singapore and includes rights and liabilities arising under loans raised by the Board.
Transfer of employees
s 6
Open ↗6.—(1) As from 1 October 2002, all persons employed immediately before that date by the Board shall be transferred to the service of the Authority on terms no less favourable than those enjoyed by them immediately prior to their transfer. (2) Until such time as terms and conditions of service are drawn up by the Authority, the scheme and terms and conditions of service in the Board continue to apply to every person transferred to the service of the Authority under subsection (1) as if the person were still in the employment of the Board.
Service rights, etc., of transferred employees to be preserved
s 7
Open ↗7.—(1) The terms and conditions to be drawn up by the Authority must take into account the salaries and terms and conditions of service, including any accrued rights to leave, enjoyed by the persons transferred to the service of the Authority under section 6 while in the employment of the Board. (2) Any term or condition relating to the length of service with the Authority must provide for the recognition of service under the Board by the persons transferred under section 6 to be service by them under the Authority.
Existing contracts
s 8
Open ↗8. All deeds, bonds, agreements, instruments and arrangements subsisting immediately before 1 October 2002 to which the Board is a party continue in force on and after that date and are enforceable by or against the Authority as if the Authority had been named therein or had been a party thereto instead of the Board.
Continuation and completion of disciplinary proceedings
s 9
Open ↗9.—(1) Where on 1 October 2002 any disciplinary proceedings were pending against any employee of the Board transferred to the service of the Authority under section 6, the proceedings must be carried on and completed by the Authority. (2) Where on 1 October 2002 any matter was in the course of being heard or investigated or had been heard or investigated by a committee acting under due authority but no order, ruling or direction had been made on the matter, the committee must —(a) complete the hearing or investigation; and (b) make such order, ruling or direction as it could have made under the authority vested in it before that date. (3) Any order, ruling or direction made by a committee under this section is to be treated as an order, a ruling or a direction of the Authority and has the same force or effect as if it had been made by the Authority pursuant to the authority vested in the Authority under this Act.
Misconduct or neglect of duty by employee before transfer
s 10
Open ↗10. The Authority may reprimand, reduce in rank, retire, dismiss or punish in some other manner a person who had, while the person was in the employment of the Board, been guilty of any misconduct or neglect of duty which would have rendered the person liable to be reprimanded, reduced in rank, retired, dismissed or punished in some other manner if the person had continued to be in the employment of the Board and if this Act had not been enacted.
Back to Currency Act 1967 — full text
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