Perbadanan Pembangunan Bandar (Successor Company) Act 1996 · Updated to 15 Nov 2025 · 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 or liabilities of the
Minister
“Minister” means the Minister for the time being charged with the responsibility for urban development;
Perbadanan Pembangunan Bandar shall by virtue of this Act be transferred to and vested in the successor company without any conveyance, assignment or transfer whatever.
Perbadanan Pembangunan Bandar
“Perbadanan Pembangunan Bandar” means the Perbadanan Pembangunan Bandar established under the *Perbadanan Pembangunan Bandar Act 1971;
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” 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;
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 Perbadanan
vested
“vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;
Pembangunan Bandar to give notice to the person bound by the chose in action of the vesting effected by subsection (1).
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 successor company in its own name and it shall not be necessary for the successor company or the
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 Perbadanan Pembangunan Bandar are transferred and vested in under section 3;
Perbadanan Pembangunan Bandar to give notice to the person whose right or liability is affected by the vesting under subsection (1).
Any pending legal proceedings by or against the Perbadanan
Pembangunan Bandar which relate to any property, right or liability transferred to and vested in the successor company by virtue of
8 Laws Of Malaysia ACT 548
subsection (1) may, on and after the vesting date, be continued by or against the successor company.
vesting date
“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 has since been repealed by the Perbadanan Pembangunan Bandar (Dissolution) Act 1996 –see section 3…
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.
rights
“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;
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 Perbadanan Pembangunan
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);
Bandar 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 Perbadanan
Pembangunan Bandar, shall have effect as if the company had been a party to the agreement.
For the avoidance of doubt, the transfer to and vesting of rights in the successor company under subsection (1) shall not include the transfer and vesting of the right of the Perbadanan Pembangunan
Bandar under section 18 of the *Perbadanan Pembangunan Bandar Act 1971.
Terms defined in s 2
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 urban development;
Perbadanan Pembangunan Bandar
Defined · s 2“Perbadanan Pembangunan Bandar” means the Perbadanan Pembangunan Bandar established under the *Perbadanan Pembangunan Bandar Act 1971;
property
Defined · s 2“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
Defined · s 2“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
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 Perbadanan Pembangunan Bandar are transferred and vested in under section 3;
vested
Defined · s 2“vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;
vesting date
Defined · s 2“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 has since been repealed by the Perbadanan Pembangunan Bandar (Dissolution) Act 1996 –see section 3…
Part III