Malaysia legislation
Section 110
Section 110
(2)
The joint application sought under subsection (1) may be for all or any of the following orders:
(a)
the date on and from which the agreement or arrangement shall take effect, being a date earlier or later than the date of the application;
(b)
the vesting of any property held by the transferor, either alone or jointly with any other person, in the transferee either alone or jointly with such other person, on and from the transfer date in the same capacity and with and subject to the powers, provisions and liabilities applicable thereto respectively;
(c)
for any existing instrument, whether in the form of a deed, will or otherwise, or order of any court, under or by virtue of which any property became vested in the transferor, to be construed and to have effect as if any reference to the transferor in the instrument or order is substituted with a reference to the transferee;
(d)
for any existing agreement to which the transferor is a party, to be construed and to have effect as if the transferee is a party to the agreement instead of the transferor;
(e)
where any right or liability of the transferor is transferred to the transferee, for the transferee to have the same rights, powers and remedies of the transferor as if the transferee had at all times has such right or liability and the right and liability shall include the right and liability in respect of any legal proceedings or applications to any authority pending immediately before the transfer date by or against the transferor;
(f)
any judgment or award obtained by or against the transferor and not fully satisfied before the transfer date, to be enforceable by or against the transferee; and
(g)
for all such incidental, consequential and supplemental orders as are necessary to secure that the agreement or arrangement to be fully and effectively carried out.
(3)
On the hearing of an application under subsection (1), the
High Court may grant an order in the terms applied for or with such modifications or variations as the Court deems just or proper in the circumstances of the case.
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(4)
Where the order of the High Court under subsection (3)
provides for the transfer of any property or business vested in or held by the transferor, either alone or jointly with any other person, then by virtue of the order that property or business shall on and from the transfer date become vested in or held by the transferee either alone or jointly with such other person and the order shall have effect according to its terms notwithstanding anything in any law or in any rule of law, and shall be binding on any person affected by the order regardless that the person so affected is not a party to, or had no notice of, the proceedings or any other related proceedings under this section.
(5)
The order of the High Court made under subsection (3)
shall, subject to the directions of the High Court, be published by the transferee in not less than two daily newspapers published in
Malaysia and approved by the Commission, one of which shall be in the national language and the other in English.
(6)
The transferor shall, within thirty days of the making of the order of the High Court under subsection (3), lodge an authenticated copy of the following documents with the Companies Commission of Malaysia and the appropriate authority, if any, concerned with the registration or recording of dealings in any movable property or any interest in movable property transferred pursuant to the order:
(a)
the order of the High Court;
(b)
the agreement or arrangement approved by the Minister under section 109; and
(c)
the Minister’s approval under section 109.
(7)
Where an order of the High Court under subsection (3) vests any alienated land or any share or interest in any alienated land in the transferee—
(a)
the High Court shall, where such alienated land is in
Peninsular Malaysia and the Federal Territory of Putrajaya, pursuant to subsection 420(2) of the National Land Code, cause a copy of the order to be served on the Registrar of Titles or the Land Administrator, as the case may be, immediately after the making of the order so that the
Registrar of Titles or the Land Administrator, as the case may be, gives effect to subsections 420(2), (3) and (4)
of the National Land Code; or
(b)
where such alienated land is in the Federal Territory of
Labuan, the transferee shall, as soon as practicable, after the order has been made, present an authenticated copy of such order to the Registrar for the registration of the vesting of the alienated land or of the share or interest in the alienated land as provided under the Sabah Land
Ordinance as modified by the Federal Territory of Labuan
(Modification of Land Ordinance) Order 1984.
(8)
An order of the High Court under subsection (3) may relate to any property or business of the transferor outside Malaysia and, if it so relates, effect may be given to it either in accordance with any reciprocal arrangements relating to the enforcement of judgments that may exist between Malaysia and the country, territory or place outside Malaysia in which such property or business is located, or where there are no such reciprocal arrangements, in accordance with the law applicable in such country, territory or place.