Perbadanan Pembangunan Bandar (Successor Company) Act 1996

This Act may be cited as the Perbadanan Pembangunan Bandar

(Successor Company) Act 1996 and shall come into force on such date as the Minister may, by notification in the Gazette, appoint.

In this Act, unless the context otherwise requires—

“appointed date” means the date on which this Act comes into force;

6 Laws Of Malaysia ACT 548

“Corporation” means the Minister of Finance incorporated by the

Minister of Finance (Incorporation) Act 1957 [Act 375];

“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” means the Minister for the time being charged with the responsibility for urban development;

“Perbadanan Pembangunan Bandar” means the Perbadanan

Pembangunan

Bandar established under the

*Perbadanan

Pembangunan Bandar Act 1971 [Act 46];

“property” includes all property, movable or immovable, and all estates, interests, easements and rights, whether equitable or legal in, to or out of property, choses in action, money and goodwill;

“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective except the right of the Perbadanan

Pembangunan Bandar under section 18 of the *Perbadanan

Pembangunan Bandar Act 1971;

“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 Perbadanan Pembangunan Bandar are transferred and vested in under section 3;

“vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;

“vesting date” means the date on which all property, rights and liabilities of the Perbadanan Pembangunan Bandar are transferred to

*NOTE—The Perbadanan Pembangunan Bandar Act 1971 [Act 46] has since been repealed by the

Perbadanan Pembangunan Bandar (Dissolution) Act 1996 [Act 547]–see section 3 of Act 547.

**NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

Perbadanan Pembangunan Bandar 7

(Successor Company)

and vested in the successor company as specified by the Minister in the order under subsection 3(1).