*LEMBAGA PADI DAN BERAS NEGARA (SUCCESSOR COMPANY) ACT 1994

all movable property and all interests, rights and liabilities, whether equitable or legal in, to or out of such property, choses in action, money and goodwill; and

all rights and liabilities in respect of contracts in relation to the construction of buildings, and “vested”, in relation to property, includes rights to property which are future or contingent;

“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective, except—

the right of the Government to regulate in respect of matters relating to padi and rice;

the exclusive and perpetual right to import and export rice or any other exclusive and perpetual rights related thereto;

and

Lembaga Padi Dan Beras Negara (Successor Company) 7

rights in relation to land;

“successor company” means the company limited by shares incorporated under the Companies Act 1965 [Act 125], and named by the Minister in the order under subsection 3(1), to which property, rights and liabilities of the Lembaga Padi dan Beras Negara are transferred and vested in under section 3;

“vesting date” means the date on which all property, rights and liabilities of the Lembaga are transferred to and vested in the successor company as specified by the Minister in the order under subsection 3(1).

Every property vested by virtue of subsection (1) in the successor company shall be so vested in the company for the like title or interest as the same was vested or held immediately before the vesting date.

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 Lembaga to give notice to the person bound by the chose in action of the vesting effected by subsection (1).

8 Laws of Malaysia ACT 523

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 Lembaga 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 Lembaga which relate to any property, right or liability transferred to and vested in the successor company by virtue of subsection (1) may, on or after the vesting date, be continued by or against the 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 Government of Malaysia or any third party.

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 Lembaga was a party immediately before the vesting date, whether in writing or not, and whether of such a nature that rights and liabilities thereunder could be assigned by the Lembaga or not, shall have effect as if the company had been a party to the agreement.

For the avoidance of doubt, the transfer to and vesting of rights in the successor company under subsection 3(1) shall not include the transfer and vesting of the right of the Government to regulate matters relating to padi and rice, and shall not confer any exclusive and perpetual right to import and export rice on the successor company, nor shall it confer any other exclusive and perpetual rights in respect of matters relating to padi and rice.

Lembaga Padi Dan Beras Negara (Successor Company) 9

Initial Government holding in the successor company

Securities required to be issued in pursuance of this section shall be issued or allotted at such times and on such terms, as to allotment, as the Minister of Finance may, after consultation with the

Minister, direct.

Securities required to be issued in pursuance of this section—

The Minister of Finance may, after consultation with the

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

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

10 Laws of Malaysia ACT 523

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 appointed date.

11

Act 523

LIST OF AMENDMENTS

Amending law

Short title

In force from

- NIL -

12

Act 523

LISTS OF SECTIONS AMENDED

Section

Amending authority

In force from

-

NIL -