Standards of Malaysia Act 1996 · Updated to 30 Apr 2012 · Part II · Vesting of Property, Etc., in Successor Company
7. Government of Malaysia to hold all shares in the successor company
Official textFrom Laws of Malaysia Online, unchanged
The Minister of Finance may, from time to time, on behalf of the Government of Malaysia, subscribe for or otherwise acquire all the shares in the successor company.
Minister
“Minister” means the Minister for the time being charged with the responsibility for standards and accreditation;
Shares in the successor company held by 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, liabilities and functions of the Institute are transferred and vested in;
Finance shall be held by the Minister of Finance Incorporated under the Minister of Finance (Incorporation) Act 1957 [Act 375].
Notwithstanding any other written law or rule of law, it shall not be necessary to complete or register a transfer of shares of the kind referred to in subsection (2) consequent upon a change in the person holding the office of the Minister of Finance.
The Minister of Finance may exercise all the rights and powers attaching to the shares in the successor company held by him.
rights
“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
The Minister of Finance may, at any time, by written notice to the Company Secretary of the successor company, authorize, on such terms and conditions as are specified in the notice, any person as he thinks fit to act as his representative at any or all of the meetings of shareholders of the successor company or of any class of shareholders, and any person so authorized shall be entitled to exercise the same powers, on behalf of the Minister of Finance, as the
Minister of Finance could exercise if present in person at the meeting.
Terms defined in s 2
Minister
Defined · s 2“Minister” means the Minister for the time being charged with the responsibility for standards and accreditation;
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