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Transfer to Board of water, gas and electricity undertakings of City Council and loans raised by City Council

Public Utilities Act

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—(1) Upon the commencement of this Act —(a)the water, gas and electricity undertakings of the City Council; and(b)the assets and liabilities of the City Council in respect of all loans raised by the City Council by the issue of debenture stock and in respect of any other loans raised by the City Council for the purposes of the water, gas and electricity undertakings of the City Council under the provisions of the Municipal Ordinance [Cap. 133, 1936 Ed.] or of the Local Government Ordinance 1957 [24/57] including the sinking funds created for the redemption of such loans,shall be transferred to and vest in the Board without further assurance.(2) If any question arises as to which of the properties, movable or immovable, have been transferred to and vested in the Board under subsection (1), a certificate under the hand of the Minister shall be conclusive evidence of the vesting of that property, movable or immovable, in the Board.(3) The value of all assets and liabilities transferred to and vested in the Board in accordance with the provisions of this Part shall be accounted for on the basis of the book value of those assets and liabilities immediately prior to their transfer.

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