CISCO (Dissolution) Bill

Bill No. 52/2004

Read the first time on 19th October 2004.

An Act to corporatise the Commercial and Industrial Security Corporation by providing for the transfer of the assets, rights, liabilities, employees and undertaking of the Commercial and Industrial Security Corporation to its successor company, and for the consequent dissolution of the Commercial and Industrial Security Corporation and for all matters connected therewith; and to repeal the Commercial and Industrial Security Corporation Act (Chapter 47 of the 1998 Revised Edition) and to make consequential amendments to certain other written laws.

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

PART I

Preliminary

Short title and commencement

1. This Act may be cited as the CISCO (Dissolution) Act 2004 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Interpretation

2.—(1) In this Act, unless the context otherwise requires —

“CISCO” or “Corporation” means the Commercial and Industrial Security Corporation established under the repealed Act;

“liabilities” includes debts, duties and obligations of every description wheresoever arising (whether present or future, actual or contingent);

“property” means property and assets of every description (whether present or future, actual or contingent) wheresoever situate, and includes property held on trust and securities, rights, benefits and powers of every description but does not include any document (other than accounting records) required to be kept by the Corporation;

“repealed Act” means the Commercial and Industrial Security Corporation Act (Cap. 47) repealed by this Act;

“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 company” means the company nominated by the Minister under section 4;

“transfer date” means the date appointed by the Minister under section 3;

“undertaking” means the business and all the lands, buildings and other property (whether movable or immovable and whether tangible or intangible) vested in the Corporation immediately before the transfer date for the purposes of the Corporation, and all assets, powers, rights, interests, privileges, debts, liabilities and obligations connected therewith.

(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.

Transfer date

3. The transfer date shall be such date as the Minister may, by notification in the Gazette, appoint to be the date on which the undertaking and employees of the Corporation shall be transferred to the successor company.

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