Standards of Malaysia Act 1996 · Updated to 30 Apr 2012 · 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 subsection 3(1), the successor company shall issue such securities of the company as 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, liabilities and functions of the Institute are transferred and vested in;
Minister of Finance may, after consultation with the Minister, from time to time, direct.
Minister
“Minister” means the Minister for the time being charged with the responsibility for standards and accreditation;
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 consultation with the
Minister, direct.
Securities under this section—
shall be of such nominal value as the Minister of Finance may direct; and
shall be issued as fully paid and treated for the purpose 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.
Any dividends or other sums received by the Minister of
Finance by virtue of this section shall be paid into the Consolidated
Fund.
Standards of Malaysia 13
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 standards and accreditation;
property
Defined · s 2“property” includes— (a) all movable and immovable property and all interests, rights and liabilities, whether equitable or legal in, to or out of such property, chose in action, investments, money and goodwill; and (b) all rights and liabilities in respect of contracts in relation to the construction of buildings, and “vested”, in relation to property, includes rights to property which are future or contingent;
rights
Defined · s 2“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
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, liabilities and functions of the Institute are transferred and vested in;
Part III
Director General of the Department of Standards
Part IV
Establishment of the Standards and Accreditation Council
Part V
Standards and Accreditation
Part VI
General
Part VII