Railways (Successor Company) Act 1991 · Updated to 1 Dec 2011 · Part II · Vesting of Property, Etc., in Successor Company
7. Financial structure of the successor company
Feedback & supportIf the Minister of Finance, after consultation with the
Minister
“Minister” means the Minister for the time being charged with the responsibility for railways;
Minister, so directs at any time before the successor company ceases to be wholly owned by the Government of Malaysia, such sum not exceeding the accumulated realized profits of the company as may be specified in the direction shall be carried by the company to a reserve, which in this section is referred to as “the statutory reserve”.
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
The statutory reserve may only be applied by the successor company in paying up unissued shares of the company to be alloted to members of the company as fully-paid bonus shares.
Railways (Successor Company)
For the purposes of any statutory accounts of the successor company, the value of any asset or right or the amount of any liability of the Railway Assets Corporation taken to have been vested in the company by virtue of section 3 in any particular year (in this section referred to as “the first mentioned year”) shall―
Railway Assets Corporation
“Railway Assets Corporation” means the Railway Assets Corporation established under the Railways Act 1991;
in the case where a statement of accounts has been prepared by the Railway Assets Corporation for the year immediately preceding the first mentioned year, be taken to be the value or, as the case may be, the amount assigned to that asset, right or liability in such statement of accounts; and
in the case where no statement of accounts has been prepared by the Railway Assets Corporation for the year immediately preceding the first mentioned year for any reason whatever, be taken to be the value or, as the case may be, the amount assigned to that asset, right or liability in the statement of accounts prepared by the Railway
Administration which was in existence under the repealed
Ordinance for the last complete accounting year of the
Railway Administration and ending immediately before the first mentioned year.
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.
For the purposes of this section, “complete accounting year”
means an accounting year ending with 31 December.