Is AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 still in force?

Yes — AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 is currently in force.

When did AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 take effect?

AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 was first recorded in 1990.

How many sections does AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 have?

AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 contains 9 sections.

Where can I read the official version of AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990?

The official text of AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 is published at lom.agc.gov.my.

/akn/my/act/act/1990/448

*ELECTRICITY SUPPLY (SUCCESSOR COMPANY) ACT 1990

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Type: Act
Status: In force
Enacted: 1990
Sections: 9
Languages: MS · EN

Quick answer

About this act

*ELECTRICITY SUPPLY (SUCCESSOR COMPANY) ACT 1990 is Malaysia Act, cited as Act 448 1990, currently marked in force and first recorded in 1990.

Opening note

Preamble

An Act to provide for the vesting of property, rights and liabilities of the National Electricity Board of the States of Malaya in a company, to make financial arrangements for that company, to provide for matters relating to staff and for other matters connected therewith. [1 September 1990, P.U. (B) 495/1990] BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows:

Part I

PART I

PRELIMINARY

Short title

Section 1

This Act may be cited as the Electricity Supply (Successor

Company) Act 1990.

Section 2

Interpretation

“Board” means the National Electricity Board of the States of

Malaya established under the *Electricity Act 1949 [Act 116];

“Corporation” means the Minister of Finance incorporated by the

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

6 Laws of Malaysia ACT 448

“Minister” means the Minister for the time being charged with the responsibility for matters relating to electricity;

“successor company” means the company to which all property, rights and liabilities to which the Board was entitled or subject to, are transferred under section 3;

“transfer date” means the date on which all property, rights and liabilities to which the Board was entitled or subject to, are transferred to the successor company.

Part II

PART II

VESTING OF PROPERTY, ETC., IN SUCCESSOR COMPANY

Vesting of property, etc., of the Board in the successor company

Section 3

(2)

For the avoidance of doubt―

(a)

any reference to property to which the Board was entitled to, is a reference to land and choses in action of the Board whether situated in Malaysia or elsewhere; and

(b)

any reference to rights and liabilities to which the Board was entitled or subject to, is a reference to rights which the Board is entitled to or, as the case may be, liabilities to which the Board is subject to, whether under the laws of

Malaysia or any country outside Malaysia and includes rights and liabilities arising under loans raised.

(3)

Every chose in action transferred by subsection (1) to the successor company may, after the transfer 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 Board to give notice to the person bound by the chose in action of the transfer effected by the subsection.

Electricity Supply (Successor Company) 7

(4)

Every right and liability transferred by subsection (1) to the successor company may, on and after the transfer 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 Board to give notice to the person whose right or liability is transferred by this section of such transfer.

(5)

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

Initial Government holding in the successor company

Section 4

(a)

to the Corporation; or

(b)

to any person entitled to require the issue of the securities following their initial allotment to the Corporation.

(2)

The Minister of Finance shall not give a direction under subsection (1) at a time when the successor company has ceased to be wholly owned by the Government of Malaysia.

(3)

Securities required to be issued in pursuance of this section shall be issued or allotted at such time and on such terms, as to allotment, as the Minister of Finance may direct.

(4)

Shares issued in pursuance of this section ―

(a)

shall be of such nominal value as the Minister of Finance may direct; and

(b)

shall be issued as fully paid and treated for the purposes of the Companies Act 1965 [Act 125] as if they had been paid up by virtue of the payment to the successor company of their nominal value.

8 Laws of Malaysia ACT 448

_______________________________________________________

*NOTE— The Electricity Act 1949 [Act 116] has since been repealed by the Electricity Supply

Act 1990 [Act 447]—see subsection 56(1) of Act 447.

(5)

The Minister of Finance may dispose of any securities issued or of any rights to securities initially allotted to the Corporation in pursuance of this section.

(6)

Any dividends or other sums received by the Corporation in right of, or on the disposal of, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.

Shares held under subsection 17(1) of the *Electricity Act 1949

Section 5

Where immediately before the transfer date any person holds any shares in the Board under subsection 17(1) of the Electricity Act 1949

all such shares shall as from the transfer date be held by such person in the successor company and the successor company shall issue shares to such person of a value not less than the value of the shares held by such person in the Board immediately before the transfer date.

Section 6

Government investment in securities of the successor company

(a)

securities of the successor company or of any subsidiary of the successor company; or

(b)

rights to subscribe for any such securities.

(2)

The Minister of Finance may dispose of any securities or rights acquired under this section.

(3)

Any expenses incurred by the Minister of Finance in consequence of the provisions of this section shall be treated as investments and beauthorized under subparagraph 8(3)(a)(iv) of the

Financial Procedure Act 1957 [Act 61].

(4)

Any dividends or other sums received by the Corporation in right of, or on the disposal of, any securities or rights acquired under this section shall be paid into the Consolidated Fund.

(5)

Stamp duty shall not be chargeable in respect of any increase in the capital of the successor company which―

Electricity Supply (Successor Company) 9

(a)

is effected by the issue of shares allotted at a time when the successor company was wholly owned by the

Government; and

(b)

is certified by the Treasury as having been effected by the issue of shares subscribed for the Minister of Finance under paragraph (1)(a).

Exercise of the Minister of Finance functions through nominees

Section 7

(a)

securities of the successor company may be assigned under section 4 to any nominee of the Minister of Finance appointed for the purposes of that section or to any person entitled to require the issue of the securities following their initial allotment to any such nominee; and

(b)

any such nominee appointed for the purposes of section 6

may acquire securities or rights in accordance with that section.

(2)

Any person holding any securities or rights as a nominee of the Minister of Finance by virtue of subsection (1) shall hold and deal with them on such terms and in such manner as the Minister of

Finance may direct.

Financial structure of the successor company

Section 8

(2)

The statutory reserve may only be applied by the successor company in paying up unissued shares of the company to be allotted to members of the company as fully paid bonus shares.

10 Laws of Malaysia ACT 448

(3)

For the purposes of any statutory accounts of the successor company―

(a)

the vesting effected by virtue of section 3 shall be taken to have been a vesting of all property, rights and liabilities to which the Board was entitled or subject to immediately before the end of the last complete accounting year of the

Board, ending before the transfer date and to have been effected immediately after the end of that year; and

(b)

the value of any asset and the amount of any liability of the Board, taken to have been vested in the successor company by virtue of paragraph (a) shall be taken to be the value or, as the case may be, the amount assigned to that asset or liability for the purposes of the corresponding statement of accounts prepared by the Board, in respect of that year.

(4)

For the purposes of any statutory accounts of the successor company, the amount to be included in respect of any item shall be determined as if anything done by the Board, whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision of reserve, or otherwise had been done by the successor company.

(5)

Without prejudice to the generality of subsection (4) the amount to be included from time to time in any reserves of the successor company as representing its accumulated realized profits shall be determined as if any profits realized and retained by the

Board had been realized and retained by the successor company.

(6)

References in this section to the statutory accounts of the successor company are references to any accounts prepared by the successor company for the purposes of any provision of the

Companies Act 1965.

(7)

For the purposes of this section, “complete accounting year”

means an accounting year ending with 31 August or a period to be determined by the Minister of Finance.

Electricity Supply (Successor Company) 11

Part III

PART III

PROVISIONS RELATING TO STAFF

Staff

Section 9

(2)

Every such person who opts under subsection (1) to serve as an employee of the successor company shall be employed by such company on terms and conditions of service not less favourable than the terms and conditions of service to which he was entitled to immediately before the transfer date.

_______________________________

Act 448

LIST OF AMENDMENTS

Amending law

Short title

In force from

NIL

Act 448

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from

NIL

Common questions

What is AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990?: *ELECTRICITY SUPPLY (SUCCESSOR COMPANY) ACT 1990 is Malaysia Act, cited as Act 448 1990, currently marked in force and first recorded in 1990.
Is AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 still in force?: Yes — AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 is currently in force.
When did AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 take effect?: AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 was first recorded in 1990.
How many sections does AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 have?: AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 contains 9 sections.
Where can I read the official version of AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990?: The official text of AKTA BEKALAN ELEKRIK (SYARIKAT PENGGANTI) 1990 is published at lom.agc.gov.my.