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

Gas Act

(Chapter 116A, Sections 98, 99 and 101)

Rg 2

G.N. No. S 458/2008

REVISED EDITION 2009

(1st June 2009)

[15th September 2008]

PART I

PRELIMINARY

Citation

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

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.

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