Perbadanan Pembangunan Bandar (Successor Company) Act 1996 · Updated to 15 Nov 2025 · Part II · Vesting of Property, Etc., in Successor Company
7. Financial structure of the successor company
Official textFrom Laws of Malaysia Online, unchanged
If the Minister of Finance, after consultation with the Minister, so directs, at any time before the successor company ceases to be wholly owned by the Government, such sum as may be specified in the direction but not exceeding the accumulated realized profits of the
Minister
“Minister” means the Minister for the time being charged with the responsibility for urban development;
Perbadanan Pembangunan Bandar, shall be carried by the company to a reserve, which in this section is referred to as “the statutory reserve”.
Perbadanan Pembangunan Bandar
“Perbadanan Pembangunan Bandar” means the Perbadanan Pembangunan Bandar established under the *Perbadanan Pembangunan Bandar Act 1971;
The statutory reserve may only be applied by the successor company in paying up unissued shares of the company to be allotted to members of the successor company as fully-paid bonus shares.
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;
For the purposes of any statutory accounts of the successor company, the value of any asset or right or the amount of any liability of the Perbadanan Pembangunan Bandar, taken to have been vested in the successor company by virtue of section 3 shall be taken to be the value or, as the case may be, the amount assigned to the asset, right or liability in the statement of accounts prepared by 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, in respect of the last complete accounting year of the Perbadanan Pembangunan Bandar, ending before the vesting date.
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of the Perbadanan Pembangunan Bandar are transferred to *NOTE—The Perbadanan Pembangunan Bandar Act 1971 has since been repealed by the Perbadanan Pembangunan Bandar (Dissolution) Act 1996 –see section 3…
For the purposes of any statutory accounts of the successor company, the amount to be included in respect of any item shall be determined as if anything done by the Perbadanan Pembangunan
Bandar, whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision of reserve, or otherwise, had been done by the successor company.
Without prejudice to the generality of the provision of subsection (4), the amount to be included from time to time in any reserve of the successor company as representing its accumulated realized profits shall be determined as if any profits realized and retained by the Perbadanan Pembangunan Bandar, had been realized and retained by the successor company.
12 Laws Of Malaysia ACT 548
References in this section to the statutory accounts of the successor company are references to any accounts prepared by the successor company for the purposes of any provision of the
*Companies Act 1965.
For the purposes of this section, “complete accounting year”
means an accounting year ending on 31 December or a period to be determined by the Minister of Finance.
Terms defined in s 2
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;
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