Vesting of telecommunication undertaking in telecommunication successor company
31.—(1)  On such day as the Minister may by order published in the Gazette appoint (referred to in this Act as the transfer date), all the property, rights and liabilities comprised in the Authority’s telecommunication undertaking (other than the designated telecommunication property) to which the Authority was entitled or subject immediately before that date shall become, by virtue of this section and without further assurance, the property, rights and liabilities of a company nominated for the purposes of this section by the Minister (referred to in this Act as the telecommunication successor company) which shall be designated in accordance with section 27 as a public telecommunication licensee.
(2)  In this Act, “designated telecommunication property” means property of any description, whether movable or immovable, which the Minister for Finance may designate as necessary to be retained by the Authority for the exercise of its duties and functions relating to telecommunications under this Act.
(3)  Any immovable property to be transferred to and vested in the telecommunication successor company under subsection (1) shall be held by the company upon such tenure and subject to such terms and conditions as the President may determine.
(4)  If any question arises as to whether any particular property, right or liability has been transferred to or vested in the telecommunication successor company under this Act, a certificate under the hand of the Minister for Finance shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
(5)  It is hereby declared for the avoidance of doubt that —
(a)any reference in this Act to property comprised in the Authority’s telecommunication undertaking is a reference to such property (other than the designated telecommunication property) of the Authority whether situated in Singapore or elsewhere; and
(b)any such reference to rights and liabilities comprised in the Authority’s telecommunication undertaking is a reference to such rights to which the Authority is entitled or, as the case may be, such liabilities to which the Authority is subject, whether under the laws of Singapore or any country outside Singapore and includes rights and liabilities arising under loans raised in relation to the Authority’s telecommunication undertaking.
(6)  It shall be the duty of the Authority and of the telecommunication successor company to take all such steps as may be requisite to secure that the vesting in the company by virtue of this section of any foreign property, right or liability is effective under the relevant foreign law and until such time it shall be the duty of the Authority to hold that property or right for the benefit of, or to discharge that liability on behalf of, the company.
(7)  Nothing in subsection (6) shall be taken as prejudicing the effect under the laws of Singapore of the vesting in the telecommunication successor company by virtue of this section of any foreign property, right or liability.
(8)  Any expenses incurred by the Authority under subsection (6) shall be paid by the telecommunication successor company.
(9)  In subsections (6) and (7), references to any foreign property, right or liability are references, respectively, to any property, right or liability comprised in the Authority’s telecommunication undertaking as respects which any issue arising in any proceedings would have been determined (in accordance with the rules of conflict of laws) by reference to the law of a country or territory outside Singapore.
(10)  Before the transfer date, the Authority shall take steps to separate its telecommunication undertaking from the remainder of its undertaking.