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Formal Consolidation |  1999 RevEd
Transfer of functions, powers, duties, assets and liabilities, etc., to Authority
21.—(1)  As from 1st January 1971, there shall be transferred to the Authority —
(a)all the functions, duties and powers of the Minister for Finance, the Commissioner of Banking and the Accountant-General under the Banking Act (Cap. 19);
(b)all the functions, duties and powers of the Minister for Finance, the Commissioner for Finance Companies and the Accountant-General under the Finance Companies Act (Cap. 108); and
(c)the functions, duties and powers of the Minister for Finance and the Controller of Foreign Exchange under the Exchange Control Act (Cap. 99).
(2)  On 21st September 1984, there shall be transferred to the Authority —
(a)all the functions, duties and powers of the Commissioner of Insurance under the Insurance Act (Cap. 142); and
(b)all the functions, duties and powers of the Registrar of Companies and the Accountant-General under the Securities Industry Act (Cap. 289).
[31/72; 26/84]
(3)  As from 1st January 1971, such movable property, assets, rights, interests and privileges as well as such debts, liabilities and obligations connected therewith or appertaining thereto which are related to finance and are vested in or conferred upon the Minister pursuant to any written law, as the President may by notification in the Gazette specify, shall be deemed to have been transferred to and vested in the Authority without further assurance.
(4)  Where in any written law or any document whatsoever there is a reference to the Minister for Finance, the Commissioner of Banking, the Commissioner for Finance Companies, the Commissioner of Chit Funds, the Accountant-General, the Controller of Foreign Exchange, the Commissioner of Insurance or the Registrar of Companies in connection with or related to the performance of any of the functions, duties and powers that are transferred to the Authority under subsection (1) or (2), the written law or document shall have effect as if the Authority has originally been referred to in the written law or document instead of the Minister for Finance, the Commissioner of Banking, the Commissioner for Finance Companies, the Commissioner of Chit Funds, the Accountant-General, the Controller of Foreign Exchange, the Commissioner of Insurance or the Registrar of Companies, as the case may be.
[31/72; 26/84]
(5)  The Minister shall have power to do all acts or things that he considers necessary or expedient to give effect to subsections (1), (2) and (3).
(6)  If any question arises as to whether —
(a)any of the functions, duties and powers; or
(b)any movable property, assets, rights, interests, privileges, debts, liabilities and obligations,
have been transferred to or vested in the Authority under subsections (1), (2) and (3), a certificate under the hand of the President shall be conclusive evidence of such transfer or vesting.
Informal Consolidation | Amended S 21/2010
21.   [Deleted by Act 13/2007 wef 30/06/2007]