Inland Revenue Board of Malaysia Act 1995 · Updated to 15 Jan 2024 · Part II · Establishment of the Inland Revenue Board
4. Vesting provisions
Feedback & supportSubject 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, rights or liabilities of the Government of Malaysia specified by the Minister in such order shall, by virtue of this Act, be transferred to and vested in the Board without any conveyance, assignment or transfer whatever.
Minister
“Minister” means the Minister for the time being charged with the responsibility for finance;
Every property vested by virtue of subsection (1) in the Board shall be so vested in the Board for the like title, estate or interest and on the like tenure as the same was vested or held immediately before the vesting date.
property
“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; and
Every chose in action vested by virtue of subsection (1) in the
vested
“vested”, in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;
Board may, after the vesting date, be sued on, recovered or enforced by the Board in its own name and it shall not be necessary for the Board or the Government of Malaysia to give notice to the person bound by the chose in action of the vesting effected by subsection (1).
Board
“Board” means the Inland Revenue Board of Malaysia established under section 3;
Every right and liability vested by virtue of subsection (1) in the
Board may, on and after the vesting date, be sued on, recovered or enforced by or against the Board in its own name and it shall not be
vesting date
“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 was entitled or subject to, are transferred to and vested in the Board. Inland Revenue Board of Malaysia 9
10 Laws of Malaysia ACT 533
necessary for the Board or the Government of Malaysia to give notice to the person whose right or liability is affected by the vesting under subsection (1).
Any pending legal proceedings by or against the Government of
Malaysia which relate to any property, right or liability transferred to and vested in the Board by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Board.
In the case of rights and liabilities arising under any loans which is vested in the Board on the vesting date, the Board may enter into such arrangements or agreements over such rights and liabilities with the Government of Malaysia or any third party.
rights
“rights” means all rights, powers, privileges and immunities, whether actual, contingent or prospective;
On and after the vesting date, any agreement relating to any property, rights and liabilities transferred to and vested in the Board under subsection (1) to which the Government of Malaysia 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 thereunder could be assigned by the Government of Malaysia, shall have effect as if the Board has been a party to the agreement.
liabilities
“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;