Section 5
Substitution of section 3
of Malaysian Industrial Development Authority (Incorporation) (Amendment) Act 2011
The principal Act is amended by substituting for section 3
the following section:
“Establishment of the Authority
Quoted provision
Section 3
A body corporate by the name of the “Malaysian
Investment Development Authority” is established.
(2)
The Authority shall have perpetual succession and a common seal.
(3)
Subject to and for the purposes of this Act, the Authority may, upon such term as it deems fit—
(a)
enter into contracts;
(b)
acquire, purchase, take, hold and enjoy movable and immovable property of every description; and
(c)
convey, assign, surrender, charge, mortgage, demise, reassign, transfer, or otherwise dispose of, or deal with, any movable or immovable property or any interest vested in the Authority.”.