Lembaga Padi dan Beras Negara (Successor Company) Act 1994 · Updated to 1 Dec 2011 · Part II · Vesting of Property, Etc., in Successor Company
3. Vesting
Official textFrom Laws of Malaysia Online, unchanged
The Minister may, by order published in the Gazette, appoint a vesting date and on that date, all property, rights and liabilities of the Lembaga shall by virtue of this Act be transferred to and vested in the successor company without any conveyance, assignment or transfer whatever.
Minister
“Minister” means the Minister for the time being charged with the responsibility for padi and rice;
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.
property
“property” means— (a) 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 (b) 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;
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).
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 Lembaga Padi dan Beras Negara are transferred and vested in under section 3;
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).
vesting date
“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).
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.
Lembaga
“Lembaga” means the *Lembaga Padi dan Beras Negara established under the *Lembaga Padi dan Beras Negara Act 1971;
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.
rights
“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective, except— (a) the right of the Government to regulate in respect of matters relating to padi and rice; (b) 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 (c) rights in relation to land;
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.
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);
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
Terms defined in s 2
Lembaga
Defined · s 2“Lembaga” means the *Lembaga Padi dan Beras Negara established under the *Lembaga Padi dan Beras Negara Act 1971;
liabilities
Defined · s 2“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);
Minister
Defined · s 2“Minister” means the Minister for the time being charged with the responsibility for padi and rice;
property
Defined · s 2“property” means— (a) 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 (b) 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
Defined · s 2“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective, except— (a) the right of the Government to regulate in respect of matters relating to padi and rice; (b) 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 (c) rights in relation to land;
successor company
Defined · s 2“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 Lembaga Padi dan Beras Negara are transferred and vested in under section 3;
vesting date
Defined · s 2“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).
Part III