Section 8

The Authority shall cause any property purchased or otherwise acquired, vested by way of gift or otherwise, or disposed of to be valued at the date of its purchase or acquisition, vesting or disposal, and shall forthwith cause details of such valuation to be shown on its accounts.

For the purposes of this Act, the Minister may, with the concurrence of the Minister of Finance, by order in the Gazette transfer to the Authority such movable and immovable property vested in or belonging to the Government as may be specified in the order, and any such property so transferred shall vest in the Authority without further assurance.

Any transfer under subsection (3) shall be subject to such terms and conditions as the Minister may, with the concurrence of the

Minister of Finance, specify and the order may include provision in respect of the rights, interests, debts, liabilities and obligations appertaining to such property which is to be transferred to and deemed to have been acquired or incurred by the Authority, as the case may be.

Bintulu Port Authority 19

Acquisition of immovable property by Authority