s 68 Transitional provisions relating to Institute of Certified Public Accountants of Singapore
68.—(1) As from 1 April 2004 —(a) all movable and immovable property vested in the Institute of Certified Public Accountants of Singapore (hereinafter called the Institute) immediately before that date and all assets, interests, rights, privileges, liabilities and obligations of the Institute are transferred to and vest in its successor company without any further assurance, act or deed; (b) all individuals employed immediately before that date by the Institute are transferred to the service of its successor company on terms no less favourable than those enjoyed by them immediately prior to their transfer; (c) all deeds, contracts, schemes, bonds, agreements, instruments and arrangements subsisting immediately before that date to which the Institute is a party continue in force and are enforceable by or against its successor company as if the successor company had been named therein or had been a party thereto instead of the Institute; and (d) all persons who, immediately before that date, were members of the Institute become professional members of its successor society, in accordance with such classes of professional membership as may be determined by the successor society. (2) In this section —“Institute of Certified Public Accountants of Singapore” means the former Institute of Certified Public Accountants of Singapore established under Part VI of the repealed Accountants Act; “successor company”, in relation to the Institute of Certified Public Accountants of Singapore, means the company incorporated by the successor society of the Institute under the Companies Act 1967 and designated by the Minister, by notification in the Gazette, to be the successor company of the Institute for the purposes of subsection (1)(a), (b) and (c); “successor society”, in relation to the Institute of Certified Public Accountants of Singapore, means the society registered under the Societies Act 1966 that is designated by the Minister, by notification in the Gazette, to be the society succeeding to the functions of the Institute as a professional accountancy body.[70