Page:Accountants Act 2004.pdf/61

Rh :(b) by deleting the words “an accountant registered with the Institute of Certified Public Accountants of Singapore” in section 171(1AA)(c) and substituting the words “a public accountant”.

(2) The First Schedule to the Income Tax Act (Cap. 134) is amended by deleting item 10.

(3) In so far as it is necessary for preserving the effect of any written law or document—
 * (a) any reference in such written law or document to the repealed Accountants Act shall be construed as a reference to this Act; and
 * (b) any reference in such written law or document to a registered public accountant or an approved accounting corporation shall be construed as a reference to a public accountant registered under this Act or an accounting corporation approved under this Act.

(4) The Minister may, by order in the Gazette, repeal or amend any written law which appears to him to be unnecessary having regard to the provisions of this Act or to be inconsistent with any provision of this Act.

Transitional provisions relating to Institute of Certified Public Accountants of Singapore

70.—(1) As from the appointed day—
 * (a) all movable and immovable property vested in the Institute of Certified Public Accountants of Singapore (hereafter referred to as the Institute) immediately before that day and all assets, interests, rights, privileges, liabilities and obligations of the Institute shall be transferred to and shall vest in its successor company without any further assurance, act or deed;
 * (b) all persons employed immediately before that day by the Institute shall be transferred to the service of its successor company on terms no less favourable than those enjoyed by them immediately prior to their transfer;
 * (c) all deeds, contracts, schemes, bonds, agreements, instruments and arrangements subsisting immediately before that day to which the Institute is a party shall continue in force and shall be enforceable by or against its successor company as if the successor company