Lembaga Padi dan Beras Negara (Successor Company) Act 1994 · Updated to 1 Dec 2011 · Part II · Vesting of Property, Etc., in Successor Company
4. Initial Government holding in the successor company
Official textFrom Laws of Malaysia Online, unchanged
As a consequence of the vesting in the successor company of the property, rights and liabilities under section 3, the successor company shall issue such securities of the company as the Minister of
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;
Finance may, after consultation with the Minister, from time to time, direct to the Corporation.
Minister
“Minister” means the Minister for the time being charged with the responsibility for padi and rice;
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—
shall be of such nominal value as the Minister of Finance may direct; and
shall be issued as fully paid and treated for the purposes of the Companies Act 1965 as if they had been paid up by virtue of the payment to the successor company of their nominal value.
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.
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;
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.
Corporation
“Corporation” means the Minister of Finance incorporated by the Minister of Finance (Incorporation) Act 1957;
10 Laws of Malaysia ACT 523
Terms defined in s 2
Corporation
Defined · s 2“Corporation” means the Minister of Finance incorporated by the Minister of Finance (Incorporation) Act 1957;
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;
Part III