Malaysia legislation
Section 5
of *PERBADANAN PEMBANGUNAN BANDAR (SUCCESSOR COMPANY) ACT 1996
Section 5
(a)
securities of the successor company or of any subsidiary of the successor company; or
(b)
rights to subscribe for any such securities.
(2)
The Minister of Finance may, after consultation with the
Minister, dispose of any securities or rights acquired under this section.
(3)
Any expenses incurred by the Corporation in consequence of the provisions of this section shall be treated as investments and be authorized under subparagraph 8(3)(a)(iv) of the Financial Procedure
*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016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.
10 Laws Of Malaysia ACT 548
Act 1957 [Act 61].
(4)
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 under this section shall be paid into the
Consolidated Fund.
(5)
Stamp duty shall not be chargeable in respect of any increase in the capital of the successor company which⎯
(a)
is effected by the issue of shares allotted at a time when the successor company was wholly owned by the Government;
and
(b)
is certified by the Treasury as having been effected by the issue of shares subscribed for by the Minister of Finance under paragraph (1)(a).
Exercise of the Minister of Finance’s functions through nominees