Malaysia legislation
Section 19
Section 19
Disposition by the Corporation
(2)
Subject to the approval of the relevant regulatory body and
State Authority having jurisdiction over the disposition of an asset by the Corporation, such disposition to any acquiree shall have the effect of an acquisition of an asset by the Corporation as if that acquiree were the Corporation under section 14 and sections 15 to 18 shall apply to that acquire as they apply to the Corporation except that—
(a)
a reference to the “seller” shall be construed as a reference to the Corporation;
(b)
a reference to the “Corporation” shall be construed as a reference to that acquiree;
(c)
a reference to the “vesting certificate” shall be construed as a reference to the transfer certificate; and
(d)
a reference to the “vesting date” shall be construed as a reference to the date specified in the transfer certificate as the date of disposition.
(3)
A disposition of an asset by the Corporation to an acquire shall have the effect of transferring the Corporation’s present and future rights, title and interest in and disclosed obligations with respect to
Pengurusan Danaharta Nasional Berhad 29
such asset, free of any encumbrance or claim save for registered interests prevailing as at the date specified in the transfer certificate as the date of disposition and disclosed claims.
(4)
Subject to any requirement for the written approval of the relevant regulatory body or the relevant State Authority to the transfer, a transfer certificate executed under the seal of the
Corporation stating that an asset has been vested in the acquiree shall be conclusive evidence of such transfer as of the date specified in such transfer certificate as the date of disposition.
(5)
A transfer certificate as specified in subsection (4) may be issued by the Corporation after the date of disposition.
Replacement transfer certificate