Perbadanan Pembangunan Bandar (Successor Company) Act 1996 · Updated to 15 Nov 2025 · 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 Perbadanan Pembangunan Bandar 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 urban development;
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
*NOTE—The Perbadanan Pembangunan Bandar Act 1971 [Act 46] has since been repealed by the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.
Perbadanan Pembangunan Bandar 9
(Successor Company)
consultation with the Minister direct;
be of such nominal value as the Minister of Finance may direct; and
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 the right of the Perbadanan Pembangunan Bandar under section 18 of the *Perbadanan Pembangunan Bandar Act 1971;
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;
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 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;
Part III