Gas (Transfer of Property, Rights, Obligations and Liabilities under Section 98) Regulations 2008

No. S 458

Gas Act

(Chapter 116A)

Gas (Transfer of Property, Rights, Obligations and Liabilities under Section 98) Regulations 2008

In exercise of the powers conferred by sections 98, 99 and 101 of the Gas Act, the Minister for Trade and Industry hereby makes the following Regulations:

PART I

PRELIMINARY

Citation

1. These Regulations may be cited as the Gas (Transfer of Property, Rights, Obligations and Liabilities under Section 98) Regulations 2008.

Definitions

2. In these Regulations, unless the context otherwise requires —

“appointed auditor” means the auditor appointed by SembGas and agreed to by PowerGas to determine the net book value of the Assets, whose costs and expenses shall be borne by SembGas and PowerGas jointly in equal proportion;

“Appointed Day” means 15th September 2008;

“Assets” means the assets specified in Part I of the First Schedule;

“Authority” means the Energy Market Authority of Singapore established under the Energy Market Authority of Singapore Act (Cap. 92B);

“business day” means a day on which banks are open for business in Singapore, excluding a Saturday, Sunday or public holiday;

“Monetary Authority of Singapore” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 186);

“PowerGas” means PowerGas Limited;

“Rights, Obligations and Liabilities” means the rights, obligations and liabilities of SembGas contained in the deeds, bonds, agreements and other arrangements specified in Part II of the First Schedule;

“SembGas” means Sembcorp Gas Pte Ltd;

“SembGas Warranties” means the warranties given by SembGas to PowerGas pursuant to the directions issued by the Minister on 11th September 2008 under section 101 of the Act;

“Transfer” means the transfer of the Assets and Rights, Obligations and Liabilities under regulation 3.

Made this 12th day of September 2008.

PETER ONG

Permanent Secretary,
Ministry of Trade and Industry,
Singapore.

[MTI 98/4-1-8 Pt 1; AG/LEG/SL/116A/2004/3 Vol. 5]

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