Section 2

“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*NOTE—The Perbadanan Pembangunan Bandar Act 1971 [Act 46] has since been repealed by the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**NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016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).