Perbadanan Pembangunan Bandar (Successor Company) Act 1996 · Updated to 15 Nov 2025 · Part II · Vesting of Property, Etc., in Successor Company
5. Government investment in securities of the successor company
Official textFrom Laws of Malaysia Online, unchanged
The Minister of Finance may, after consultation with the
Minister
“Minister” means the Minister for the time being charged with the responsibility for urban development;
Minister, at any time, acquire⎯
securities of the successor company or of any subsidiary of the successor company; or
rights to subscribe for any such securities.
The Minister of Finance may, after consultation with the
Minister, dispose of any securities or rights acquired under 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 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
Corporation
“Corporation” means the Minister of Finance incorporated by the Minister of Finance (Incorporation) Act 1957;
*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016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].
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.
Stamp duty shall not be chargeable in respect of any increase in the capital of the successor company which⎯
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;
is effected by the issue of shares allotted at a time when the successor company was wholly owned by the Government;
and
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).
Terms defined in s 2
Corporation
Defined · s 2“Corporation” means the Minister of Finance incorporated by the Minister of Finance (Incorporation) Act 1957;
Minister
Defined · s 2“Minister” means the Minister for the time being charged with the responsibility for urban development;
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