Malaysia Co-Operative Societies Commission Act 2007 · Updated to 1 Oct 2023 · Chapter 1
5. Vesting provisions
Official textFrom Laws of Malaysia Online, unchanged
Subject to this Act, the Minister may, by order published in the Gazette, appoint a vesting date and on such date all property, rights and liabilities of—
Minister
“Minister” means the Minister charged with the responsibility for co-operative development;
the Government of Malaysia;
the Registrar-General of Co-operative Societies for
Malaysia under the Co-operative Societies Act 1993;
the Registrar of Fishermen’s Associations under the
Fishermen’s Associations Act 1971 [Act 44]; and
the Registrar of Farmers’ Organizations under the Farmers’
Organization Act 1973 [Act 109],
Malaysia Co-operative Societies Commission 13
(hereinafter in this section, the persons mentioned in paragraphs (b),
and (d) collectively referred to as “the transferor”) relating to co-operative societies and as 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.
Every power, function and duty of the transferor shall, by virtue of this Act, be transferred to and vest in the Commission.
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
Every property vested by virtue of subsection (1) in the
property
“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property where the person executing the conveyance is the proprietor or possessor, or wherein he is entitled to a contingent right, either for the whole or part of the interest; *NOTE─The Central Bank of Malaysia Act 1958 has been repealed by the Central Bank of Malaysia Act 2009 which comes into operation on 25 November 2009–see section 100…
Commission shall be so vested in the Commission for the like title, estate or interest and on the like tenure as the property was vested or held immediately before the vesting date.
Every chose in action, right or 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 or the transferor to give notice—
to the person bound by the chose in action of; or
to the person whose right or liability is affected by, the vesting effected under subsection (1).
Any pending legal proceedings by or against the Government of Malaysia or the transferor which relates 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:
Provided that nothing in subsection 61(1) shall apply to the disclosure by the Commission of any record, book, register, correspondence, other document whatsoever, material or information, relating to the business and affairs of the Commission to the
document
“document” has the same meaning as defined under section 3 of the Evidence Act 1950;
Government of Malaysia in relation to this subsection.
In the case of rights and liabilities arising under any loan which are vested in the Commission on the vesting date, the
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Commission may enter into such agreements or arrangements over such rights and liabilities with the Government of Malaysia or any other person.
On and after the vesting date, any agreement, deed or other arrangement relating to any property, right and liability transferred to and vested in the Commission under subsection (1) to which the
Government of Malaysia or the transferor 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, deed or other arrangement, as the case may be, could be assigned by the
Government of Malaysia or the transferor shall have effect as if the
Commission had been a party to such agreement, deed or other arrangement.
Terms defined in s 2
Commission
Defined · s 2“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
document
Defined · s 2“document” has the same meaning as defined under section 3 of the Evidence Act 1950;
Minister
Defined · s 2“Minister” means the Minister charged with the responsibility for co-operative development;
property
Defined · s 2“property” means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property where the person executing the conveyance is the proprietor or possessor, or wherein he is entitled to a contingent right, either for the whole or part of the interest; *NOTE─The Central Bank of Malaysia Act 1958 has been repealed by the Central Bank of Malaysia Act 2009 which comes into operation on 25 November 2009–see section 100…
specified
Defined · s 2“specified”, where no mode is mentioned, means specified from time to time in writing;
Chapter 2
Part III
Powers of the Commission
Part IV
Provisions Relating to Officer and Employee
Part V
Finance
Chapter 3
Part VI
Investigation, Search and Seizure
Part VII