Malaysia legislation

Section 74

of Credit Corporation Enactment 1981

Section 74

(1)

The Credit Corporation Ordinance, 1955 [Ord. No. 1 of 1955], is hereby repealed.

(2)

Notwithstanding the repeal of the Ordinance specified in subsection (1) –

(a)

the corporate body constituted under the repealed Ordinance shall continue to exist as if the same had been constituted under this

Enactment;

(b)

any right, privilege, obligation or liability acquired, accrued, or incurred under the repealed Ordinance shall continue to be valid as if the same had been acquired, accrued or incurred under this Enactment;

(c)

any property of whatever nature possessed by or vested in the corporate body constituted under the repealed Ordinance shall continue to be possessed by or vested in the Corporation;

(d)

any deed, bond, agreement, instrument and working arrangement subsisting immediately before the commencement of this Enactment shall continue to be in force and effect against or in favour of the Corporation;

(e)

any appointment made under the repealed Ordinance or any subsidiary legislation made thereunder shall continue to be in force and have effect as if the same had been made under this Enactment;

(f)

any subsidiary legislation made under the repealed Ordinance shall insofar as such subsidiary legislation is not inconsistent with the provisions of this Enactment continue to be in force and have effect as if the same had been made under this Enactment and may be repealed extended, varied or amended accordingly;

(g)

any person’s liability to be prosecuted or punished for offences committed under the repealed Ordinance or any proceedings brought in respect of such offence before the commencement of this Enactment shall not be affected;

(h)

any proceedings, whether civil or criminal, or cause of action pending or existing immediately before the commencement of this Enactment by or against the corporate body constituted under the repealed Ordinance may be continued or instituted by or against the Corporation; and

(i)

any person who, immediately before the commencement of this

Enactment, was employed as an officer or servant of the body corporate constituted under the repealed Ordinance shall continue to be employed by the Corporation as an officer or servant, as the case may be, upon the same terms and conditions of service.

CERTIFIED by me to be a true copy of the Bill passed by the Assembly on Wednesday, the 12th August, 1981.

FREDERICK JINU,

Deputy Speaker.

Read in full context — Credit Corporation Enactment 1981 →