Section 2

“Corporation” means the Minister of Finance incorporated by the

Minister of Finance (Incorporation) Act 1957 [Act 375];

“Federal Lands Commissioner” means the Federal Lands

Commissioner appointed under the Federal Lands Commissioner Act 1957 [Act 349];

6

“liabilities” means liabilities, debts, charges, duties and obligations of every description (whether present or future, actual or contingent, and whether payable or to be observed or performed in Malaysia or elsewhere);

“Minister” means the Minister for the time being charged with the responsibility for railways;

“property” includes all property, movable or immovable, and all estates, interests, easements and rights, whether equitable or legal in, to or out of property, choses in action, money and goodwill; and

“vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;

“Railway Administration” means the corporation sole entitled the

Malayan Railway Administration established under section 4 of the repealed Ordinance;

“Railway Assets Corporation” means the Railway Assets

Corporation established under the Railways Act 1991 [Act 463];

“repealed Ordinance” means the Railway Ordinance 1948 [M. U.

Ord. 8 of 1948];

“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;

“successor company” means the company limited by shares incorporated under the Companies Act 1965 [Act 125], and named by the Minister in the order under subsection 3(1), to which property, rights and liabilities of the Railway Assets Corporation are from time to time transferred to and vested in under section 3; and

“vesting date” means the date on which property, rights and liabilities of the Railway Assets Corporation are transferred to and vested in the successor company as specified by the Minister in the order under subsection 3(1).

Railways (Successor Company)