Railways (Successor Company) Act 1991 · Updated to 1 Dec 2011 · Part II · Vesting of Property, Etc., in Successor Company
3. Vesting provisions
Feedback & supportSubject to this Act, the Minister may, from time to time, by order published in the Gazette, appoint a vesting date and on such date, all property, rights or liabilities of the Railway Assets
Minister
“Minister” means the Minister for the time being charged with the responsibility for railways;
Corporation specified by the Minister in such order shall by virtue of this Act be transferred to and vested in the successor company without any conveyance, assignment or transfer whatever.
Corporation
“Corporation” means the Minister of Finance incorporated by the Minister of Finance (Incorporation) Act 1957;
Every property vested by virtue of subsection (1) in the successor company shall be so vested in the company for the like title, estate or interest and on the like tenure as the same was vested or held immediately before the vesting date.
property
“property” includes all property, movable or immovable, and all estates, interests, easements and rights, whether equitable or legal in, to or out of property, choses in action, money and goodwill; and
Every chose in action vested by virtue of subsection (1) in the successor company may, after the vesting 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 Railway Assets Corporation to give notice to the person bound by the chose-in-action of the vesting effected by subsection (1).
vested
“vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;
Every right and liability vested by subsection (1) in the successor company may, on and after the vesting 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 Railway Assets
successor company
“successor company” means the company limited by shares incorporated under the Companies Act 1965, and named by the Minister in the order under subsection 3(1), to which property, rights and liabilities of the Railway Assets Corporation are from time to time transferred to and vested in under section 3; and
Corporation 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 Railway
Assets Corporation which relate to any property, right or liability transferred to and vested in the successor company by virtue of subsection (1) may, on and after the vesting date, be continued by or against the successor company.
vesting date
“vesting date” means the date on which property, rights and liabilities of the Railway Assets Corporation are transferred to and vested in the successor company as specified by the Minister in the order under subsection 3(1). Railways (Successor Company)
In the case of rights and liabilities arising under any loans which vest in the successor company on the vesting date, the company may enter into such arrangements or agreements over such rights and liabilities with the Railway Assets Corporation or the
rights
“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
Government of Malaysia or any third party.
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Where by virtue of subsection (1), any property is transferred to and vested in the successor company, the provisions in Part Thirty of the National Land Code [Act 56 of 1965] shall, for the purpose of effecting the registration of such vesting, apply to the successor company as if it were a public authority.
On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the successor company under subsection (1) to which the Railway Assets
liabilities
“liabilities” means liabilities, debts, charges, duties and obligations of every description (whether present or future, actual or contingent, and whether payable or to be observed or performed in Malaysia or elsewhere);
Corporation 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 Railway Assets
Corporation, shall have effect as if the company had been a party to the agreement.