In forceUpdated to 1 Mar 2018Read it in Bahasa Malaysia

Contents

Companies Commission of Malaysia Act 2001 · Updated to 1 Mar 2018 · Part II · The Commission

4. Vesting provisions

(1)

Subject to this Act, the Minister may, from time to time, by order published in the Gazette, appoint a vesting date and on such date all property of the Government of Malaysia and all the rights or liabilities of the Government of Malaysia, the Registrar of Companies and the Registrar of Businesses specified by the Minister in such order shall, by virtue of this Act, be transferred to and vested in the

Commission without any conveyance, assignment or transfer.

(2)

Every property vested by virtue of subsection (1) in the

Commission shall be so vested in the Commission for the like title,

Companies Commission of Malaysia 11

estate or interest and on the like tenure as the property was vested or held immediately before the vesting date.

(3)

Every chose-in-action vested by virtue of subsection (1) in the

Commission may, on and after the vesting date, be sued on, recovered or enforced by the Commission in its own name and it shall not be necessary for the Commission, the Government of Malaysia, the

Registrar of Companies or the Registrar of Businesses to give notice to the person bound by the chose-in-action of the vesting effected under subsection (1).

(4)

Every right and liability vested by virtue of subsection (1) in the Commission may, on and after the vesting date, be sued on, recovered or enforced by the Commission in its own name and it shall not be necessary for the Commission, the Government of Malaysia, the

Registrar of Companies or the Registrar of Businesses to give notice to the person whose right or liability is affected by the vesting effected under subsection (1).

(5)

Any pending legal proceedings by or against the Government of Malaysia, the Registrar of Companies or the Registrar of Businesses which relate to any property, right or liability transferred to and vested in the Commission by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Commission.

(6)

In the case of rights and liabilities arising under any loans which are vested in the Commission on the vesting date, the

Commission may enter into such arrangements or agreements over such rights and liabilities with the Government of Malaysia or any other party.

(7)

On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the

Commission under subsection (1) to which the Government of

Malaysia, the Registrar of Companies or the Registrar of Businesses was a party immediately before the vesting date, whether in writing or not, and whether or not of such a nature that rights and liabilities under the agreement could be assigned by the Government of Malaysia, the

Registrar of Companies or the Registrar of Businesses, shall have effect as if the Commission had been a party to the agreement.

12 Laws Of Malaysia ACT 614

Terms defined in s 2

Commission
Defined · s 2
“Commission” means the Companies Commission of Malaysia established under section 3;
Open 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;
Open s 2
Minister
Defined · s 2
“Minister” means the Minister charged with the responsibility for the registration of companies, trust companies, businesses and limited liability partnerships; NOTE— The Companies Act 1965 has been repealed by the Companies Act 2016 w.e.f. 31 January 2017. Companies Commission of Malaysia 9
Open s 2
property
Defined · s 2
“property” includes all property, movable and immovable, and all estates, interests, easements or rights, whether equitable or legal in, to or out of property, choses-in-action, money and goodwill;
Open s 2
Registrar of Businesses
Defined · s 2
“Registrar of Businesses” means the Registrar of Businesses under the Registration of Businesses Act 1956;
Open s 2
Registrar of Companies
Defined · s 2
“Registrar of Companies” means the Registrar of Companies under the *Companies Act 1965;
Open s 2
rights
Defined · s 2
“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
Open s 2
this Act
Defined · s 2
“this Act” includes any subsidiary legislation made under this Act;
Open s 2
vested
Defined · s 2
“vested”, in relation to property, includes having rights to property which are future or contingent and rights in reversion and remainder. NOTE— The Companies Act 1965 has been repealed by the Companies Act 2016 w.e.f. 31 January 2017.
Open s 2
vesting date
Defined · s 2
“vesting date” means the date on which property, rights and liabilities specified by the Minister in the order under subsection 4(1), to which the Government of Malaysia, the Registrar of Companies and the Registrar of Businesses were entitled or subject to, are transferred to and vested in the Commission;
Open s 2

Report

Read on from s 5

Part III

Functions and Powers of the Commission

Read on from Part III

Part IIIC

Licensing

Read on from Part IIIC

Part IV

Provisions Relating to Employees

Read on from Part IV

Part V

Finance

Read on from Part V

Part VI

General

Read on from Part VI