Port of Singapore Authority (Amendment) Bill

Bill No. 2/1969

Read the first time on 8th April 1969.
An Act to amend the Port of Singapore Authority Ordinance, 1963 (No. 36 of 1963).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —
Short title
1.  This Act may be cited as the Port of Singapore Authority (Amendment) Act, 1969.
Repeal and re-enactment of section 31, and new sections 31A and 31B
2.  Section 31 of the Port of Singapore Authority Ordinance, 1963, is hereby repealed and the following substituted therefor: —
Transfer of staff to Company, etc
31.  The Minister may, by order, provide for —
(a)the transfer to the service of the Company of such persons as are employed by the Authority in connection with the dockyard undertakings of the Authority on terms as near as may be to those applicable to such persons immediately prior to their transfer;
(b)the rights and obligations relating to pensions, gratuities or other like benefits of all persons transferred by such order in respect of their service before and after such transfer; and
(c)such supplemental, incidental or consequential provisions as appear to the Minister necessary or expedient.
Company to have powers under the Companies Act, 1967
31A.  For the avoidance of doubt it is hereby declared that the Company shall, after its incorporation, carry on business as a company engaged in a commercial enterprise and shall have all the powers of a company incorporated under the Companies Act, 1967 (Act 42 of 1967), including the power to change its name and to alter or add to its articles of association.
Power of Authority to transfer securities of Company to Government
31B.—(1)  The Authority shall have power, if directed to do so by the Minister, to transfer without consideration all or any of the securities of the Company held by the Authority to such persons as the Minister may nominate to be held by such persons on behalf of the Government.
(2)  No stamp duty shall be chargeable on any instrument of transfer executed pursuant to subsection (1) of this section.
(3)  For the purposes of this section “securities” means any shares, stock, debentures, debenture stocks or any other security of the like nature.”.