Malaysia legislation
Section 3
of *NATIONAL LAND REHABILITATION AND CONSOLIDATION AUTHORITY (SUCCESSION AND DISSOLUTION) ACT 1997
Section 3
(2)
The Minister shall name the successor company in the order made under subsection (1).
(3)
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 it was vested or held immediately before the vesting date.
(4)
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 successor company in its own name and it shall not be necessary for the successor company or the Authority to give notice to the person bound by the chose in action of the vesting effected by subsection (1).
(5)
Every right and liability vested by virtue of subsection
(1)
in the successor company may, on and after the vesting date, be sued on, recovered or enforced by or against the successor company in its own name and it shall not be necessary for the successor company or the Authority to give notice to the person whose right or liability is affected by the vesting under subsection (1).
(6)
Any pending legal proceedings by or against the
8 Laws of Malaysia ACT 570
Authority which relate to any property, right or liability transferred to and vested in the successor company by virtue of subsection (1) may, on and after the vesting date, be continued by or against the successor company.
(7)
In the case of rights and liabilities arising under any loans which vest in the successor company on the vesting date, the successor company may enter into such arrangements or agreements over such rights and liabilities with the Government or any third party.
(8)
On and after the vesting date, any deed, bond, agreement, instrument and working arrangements relating to any property, rights and liabilities transferred to and vested in the successor company under subsection (1) to which the Authority was a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that rights and liabilities thereunder could be assigned by the Authority, shall have effect as if the company had been a party to the deed, bond, agreement, instrument and working arrangements.
Initial Government holding in the successor company