Port of Singapore Authority (Dissolution) Bill

Bill No. 5/1997

Read the first time on 11th July 1997.
An Act to provide for the dissolution of the Port of Singapore Authority and for the transfer of its property, rights and liabilities to a successor company and others, to make financial arrangements for that company and for matters connected therewith, to repeal the Port of Singapore Authority Act (Chapter 236 of the 1985 Revised Edition) and to make consequential amendments to other written laws.
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
Short title and commencement
1.  This Act may be cited as the Port of Singapore Authority (Dissolution) Act 1997 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.
2.—(1)  In this Act, unless the context otherwise requires —
“appointed day” means the date of commencement of this Act;
“Authority” means the Port of Singapore Authority established under the Port of Singapore Authority Act (Cap. 236) in force before the appointed day;
“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;
“shares”, in relation to a company, means shares in, or stock forming part of, the capital of the company;
“successor Authority” means the Maritime and Port Authority of Singapore;
“successor company” means a company nominated by the Minister under section 3(1).
(2)  For the purposes of this Act, a company shall be regarded as wholly owned by the Government at any time when all the issued shares in the company are held by or on behalf of the Government.