Section 3

Every property vested by virtue of subsection (1) in the successor company shall be so vested in the company for the like title, estate or interest and on the like tenure as the same was vested or held immediately before the vesting date.

Every choses in action vested by virtue of subsection (1) in the successor company may, after the vesting date, be sued on, recovered or enforced by the company in its own name and it shall not be necessary for the company or the Government of Malaysia to give notice to the person bound by the chose in action of the vesting effected by subsection (1).

Every right and liability vested by virtue of subsection (1) in the successor company may, on and after the vesting date, be sued on, recovered or enforced by or against the company in its own name and it shall not be necessary for the company or the Government of

Malaysia to give notice to the person whose right or liability is affected by the vesting under subsection (1).

Any pending legal proceedings by or against the Government of Malaysia which relate to any property, right or liability transferred to and vested in the successor company by virtue of subsection (1)

may, on and after the vesting date, be continued by or against the successor company.

In the case of rights and liabilities arising under any loans which vest in the successor company on the vesting date, the company may enter into such arrangements or agreements over such rights and liabilities with the Government of Malaysia or any third party.

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Laws of Malaysia ACT 466

Where by virtue of subsection (1) any property is transferred to and vested in the successor company, the provisions in Part Thirty of the National Land Code [Act 56 of 1965] shall, for the purpose of effecting the registration of such vesting, apply to the successor company as if it were a public authority.

On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the successor company under subsection (1) to which the Government of

Malaysia were a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that rights and liabilities thereunder could be assigned by the Government of

Malaysia, shall have effect as if the company has been a party to the agreement.

Initial Government holding in the successor company