Section 4

Every property vested by virtue of subsection (1) in the Board shall be so vested in the Board 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 chose in action vested by virtue of subsection (1) in the

Board may, after the vesting date, be sued on, recovered or enforced by the Board in its own name and it shall not be necessary for the Board 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

Board may, on and after the vesting date, be sued on, recovered or enforced by or against the Board in its own name and it shall not be

10 Laws of Malaysia ACT 533

necessary for the Board 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 Board by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Board.

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

On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the Board under subsection (1) to which the Government of Malaysia was 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 Board has been a party to the agreement.

Common seal