Malaysia legislation
Section 3
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