s 5 Transfer to Authority of property, assets and liabilities
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.