Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection ( 3), all property, rights and powers in or in connexion with the Islands, being property, rights and powers which, immediately before the proclaimed date, were held or enjoyed by or on behalf of the Queen in right of the United Kingdom or of the Colony of Singapore, or by or on behalf of the Government of the United Kingdom or of the Colony of Singapore, shall, from and including that date, be deemed to be held or enjoyed by or on behalf of the Commonwealth.
(2) Subject to subsection ( 3), all liabilities and obligations incurred before the proclaimed date by or on behalf of the Government of the United Kingdom or the Government of the Colony of Singapore, in or in connexion with the Islands and subsisting immediately before that date shall, from and including that date, be deemed to have been incurred by or on behalf of the Commonwealth.
(3) Subsections ( 1) and (2) do not apply to or in relation to:
(a) property, rights or powers in, or in connexion with, that part of the Islands known as Direction Island , or liabilities or obligations in respect of property in that part of the Islands ;
(b) liabilities of the Colony of Singapore in respect of the payment of pensions or retiring allowances; or
(c) liabilities relating to public loans.
(4) In this section, property includes immovable property.