Malaysia legislation
Section 4A
Section 4A
(2)
In so applying to register a corporation as a company, the Authority shall comply with the provisions of the *Companies Act 1965, and the provisions of this
Act shall not be construed to derogate from the powers of the Registrar of Companies under that Act.
(3)
Upon its registration as a company under the *Companies Act 1965, the corporation shall be deemed to be dissolved, and—
(a)
all powers, rights, privileges, duties, liabilities or obligations that immediately before registration were those of the corporation shall devolve on the company;
(b)
all assets and movable and immovable property that immediately before registration were vested in the corporation or any person acting on behalf of the corporation shall vest in the company without any conveyance, assignment or transfer whatsoever and the company shall, in respect of all immovable property, apply to the proper registering authority for an entry to be made to that effect;
(c)
all deeds, bonds, agreements, instruments and working arrangements subsisting immediately before registration in favour of or against the corporation shall be in full force and effect in favour of or against the company and enforceable as fully and effectually as if, instead of the corporation or any person acting on behalf of the corporation, the company had been named therein or been a party thereto; and
*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017 –see subsection 620(1) of Act 777.
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(d)
any proceedings, whether civil or criminal, or cause of action pending or existing immediately before registration by or against the corporation or any person acting on behalf of the corporation may be continued or instituted by or against the company as it might have been by or against the corporation.
(4)
If any difficulty or anomaly arises in connection with the transitional provisions contained in this paragraph the Minister may, after consultation with the
Minister charged with responsibility for companies, by order make such modifications as appear to him to be necessary for removing, resolving or preventing such difficulty or anomaly but he shall not exercise the powers conferred by this subparagraph after the expiration of two years of a corporation being registered as a company pursuant to subsection 3(3A).