Malaysia legislation
Section 9
Section 9
Vesting provisions
(1)
Subject to the provisions of this Act, the Minister may, from time to time, by order published in the Gazette, appoint a date which is not earlier than the conversion date as a vesting date, and on such date, all property, rights or liabilities as specified by the Minister in such order shall, by virtue of this Act, be transferred to or vested in the transferee company without any conveyance, assignment or transfer.
(2)
Where an order is made under subsection (1), all property, rights and liabilities vested in or held by the Exchange upon its conversion, either alone or jointly with any other person, shall, by virtue of the order, on and after the vesting date, become vested in or held by the transferee company either alone or jointly with such other person, as the case may be, and the order shall have effect according to its terms notwithstanding anything in any law, and shall be binding on any person thereby affected, regardless that the person so affected had no notice of the order made under this section or of other related proceedings.
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(3)
Every property vested by virtue of subsection (1) in the transferee company shall be so vested for the like title, estate or interest and on the like tenure as the property was vested or held immediately before the vesting date.
(4)
Every chose-in-action vested by virtue of subsection (1) in the transferee company may, on and after the vesting date, be sued on, recovered or enforced by the transferee company in its own name and it shall not be necessary for a notice to be given to the person bound by the chose-in-action of the vesting effected under subsection (1).
(5)
Every right and liability vested by virtue of subsection (1)
in the transferee company may, on and after the vesting date, be sued on, recovered or enforced by or against the transferee company in its own name and it shall not be necessary for a notice to be given to the person whose right or liability is affected by the vesting effected under subsection (1).
(6)
Any pending legal, disciplinary or other proceedings which relate to any property, right or liability transferred to or vested in the transferee company by virtue of subsection (1) may, on and after the vesting date, be continued by or against the transferee company.
(7)
On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to or vested in the transferee company under subsection (1) immediately before the vesting date, whether in writing or not, and whether or not of such a nature that such property, rights and liabilities under the agreement could be assigned, shall have effect as if the transferee company had been a party to the agreement.
(8)
On and after the vesting date, references to the Exchange in any instruction, order, approval, notification, direction, act, requirement, condition, consent, guideline, circular, undertaking, declaration, indemnity, waiver, exemption, restriction or decision, or other document howsoever called, made, given or done by any person before the vesting date in relation to the property, rights or liabilities transferred to or vested in the transferee company by virtue of subsection (1) shall be construed as references to the transferee company.
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(9)
On and after the vesting date, any instruction, order, approval, notification, direction, act, requirement, condition, consent, guideline, circular, undertaking, declaration, indemnity, waiver, exemption, restriction or decision, or other document howsoever called, made, given or done by or to the Exchange, in relation to the property, rights or liabilities transferred to or vested in the transferee company by virtue of subsection (1) shall be construed as having been made, given or done by or to the transferee company.
The transferee company operating as a stock exchange 10.
Subject to any terms and conditions as may be imposed by the Minister, on the recommendation of the Commission, the approval of the Minister granted under section 8 of the Securities Industry
Act 1983 to the Exchange before the conversion date shall be deemed to have been transferred to the transferee company on the vesting date.
Power of Minister to make regulations 11.
The Minister may, on the recommendation of the Commission, make such regulations as may be expedient or necessary for the better carrying out of the provisions of this Act.
Immunity 12.
No civil liability shall be incurred by—
(a)
the Minister, the Commission, the Registrar or the
Exchange; or
(b)
any person acting on behalf of the Minister, the Commission
(including any member of the Commission or any member of any committee established by the Commission), the
Registrar or the Exchange (including any member of the board of the Exchange, and any member of any committee established by such board), including—
(i)
any officer of the Minister, the Commission, the
Registrar or the Exchange; or
(ii)
any agent of, or any person acting under the direction of the Minister, the Commission, the Registrar or the Exchange,
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for, on account of, or in respect of any act or omission done, or any statement made or omitted to be made, in connection with the purpose of, or incidental to the implementation or carrying into effect or proposed implementation or carrying into effect of, the provisions of this Act or the regulations made under this Act, where such act, omission or statement was done or made in good faith.