Brooke Dockyard and Engineering Works Corporation (Repeal and Successor Company) Ordinance, 1994

PREPARED AND PUBLISHED BY

THE COMMISSIONER OF LAW REVISION, SARAWAK

UNDER THE AUTHORITY OF THE REVISION OF LAWS ORDINANCE, 1992 2007

BROOKE DOCKYARD AND

Date Passed by Dewan Undangan

Negeri

... ... ... ... ... ...

26th May, 1994

Date of Assent

... ... ... ...

3rd June, 1994

Date of Publication in Gazette

30th June, 1994

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LAWS OF SARAWAK

Short title and commencement

This Ordinance may be cited as the Brooke Dockyard and

Engineering Works Corporation (Repeal and Successor Company)

Ordinance, 1994, and shall come into force on such date as the

Minister may, by notification in the Gazette, appoint.

Interpretation

“Corporation” means the Brooke Dockyard and Engineering

Works Corporation established under the Brooke Dockyard and

Engineering Works Corporation Ordinance [Cap. 100 (1958

Ed.)];

“land” shall have the same meaning as assigned to that expression in the Land Code [Cap. 81 (1958 Ed.)];

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“licences” includes any licence issued to the Corporation by any government authority or corporation in connection with the business of the Corporation;

“Minister” means the State Minister for the time being charged with the responsibility for the Corporation;

“property” means all property of whatever description including land, any interest or estate in land and choses-in-action of the Corporation within or outside Malaysia;

“repealed Ordinance” means the Brooke Dockyard and

Engineering Works Corporation Ordinance [Cap. 100 (1958

Ed.)];

“rights and liabilities” refers to the rights and liabilities to which the Corporation was entitled or subject to under the laws of

Malaysia or any country outside Malaysia, and shall include rights and liabilities under loans raised, licences, deeds, bonds, agreements, undertakings, instruments, Memoranda of Subleases and working arrangements favouring the Corporation or to which the Corporation is a party subsisting immediately before the commencement of this Ordinance;

“State Financial Secretary” means the State Financial

Secretary incorporated by the State Financial Secretary

(Incorporation) Ordinance [Cap. 36];

“successor company” means a company limited by shares incorporated and registered in Malaysia under the Companies Act 1965 [Act 125], and nominated by the Minister in an Order to be published in the Gazette, to which all property, rights and liabilities of or belonging to the Corporation, shall be transferred or be vested under section 3(1)(c);

“transfer date” means the date on which the property, rights and liabilities of or belonging to the Corporation are to be transferred and vested in the successor company under section 3(1)(c).

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VESTING OF PROPERTY, ETC., TO SUCCESSOR COMPANY

Dissolution of Corporation and transfer of its property, rights and liabilities

—

(1)

On the date appointed by the Minister for this

Ordinance to come into force—

—

(1)

As a consequence of the transfer to or vesting in the successor company by virtue of section 3(1) of all property, rights and liabilities to which the Corporation was entitled or subject to, the successor company shall issue such shares as may be directed by the

Minister—

Any stocks held by the State Financial Secretary for purposes of the State Government of Sarawak issued under the repealed Ordinance shall as from the transfer date be held by the State

Financial Secretary in the successor company and the successor company shall issue shares to the State Financial Secretary of a value not less than the value of the stocks held by the State Financial

Secretary in the Corporation immediately before the transfer date.

—

(1)

The Minister may, at any time before the successor company ceases to be wholly owned by the State Government, direct that such sum not exceeding the accumulated realized profits, revaluation reserve, capital development reserve and general reserve of the Corporation, be transferred by the successor company to a reserve, in this section referred to as “the statutory reserve”.

—

(1)

Any suit, proceeding or cause of action pending or existing or subsisting immediately before the transfer date by or against the Corporation may be continued and enforced by or against the successor company.

—

(1)

All licences held by or issued in the name of the

Corporation, prior to the transfer date, under which the Corporation is operating or conducts its business, shall, subject to the approval of the authorities which issue or grant, such licences, be transferred to or become vested in the successor company.

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Staff

—

(1)

The successor company shall accept into its employment every person who immediately before the transfer date is a member of the staff of the Corporation and who has been given an option by the Corporation to join the service of the successor company and has opted to serve as an employee of such company.

Ordinance [Cap. 100 (1958 Ed.)] is repealed.

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LAWS OF SARAWAK