Malaysia legislation
Section 2
of Sabah Energy Corporation Successor Company Enactment 1997
Section 2
In this Enactment, unless the context otherwise requires –
"Corporation" means the Sabah Energy Corporation established under the Sabah
Energy Corporation Enactment 1981 [En. No. 31 of 1981];
"Chief Minister, State of Sabah" means the body corporate under the name of "Chief
Minister, State of Sabah" incorporated by the Chief Minister (Incorporation) Ordinance
[Cap. 23.];
"debenture" includes debenture stock;
"liabilities" means liabilities, debts, charges, duties and obligations of every description and howsoever arising (whether present or future, actual or contingent, and whether payable or to be observed or performed in Malaysia or elsewhere);
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"Minister" means the Chief Minister appointed for the time being in the State of Sabah and includes a Minister for the time being performing the duties of the Chief Minister in his absence as may be assigned by the Yang di-Pertua Negeri;
"Permanent Secretary of the Ministry of Finance" means the principal officer in charge of the financial affairs of the State of Sabah;
"property" includes all properties, movable or immovable, and all estates, interests, easements and rights, whether equitable or legal in, to or out of property, contracts, choses-in-action, money and goodwill, and "vested", in relation to property, includes rights to property which are future or contingent and rights in reversion and remainder;
"rights" means all rights, licences, powers, privileges and immunities, whether actual, contingent or prospective;
"securities", in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;
"shares", in relation to the company, means shares in, or stock forming part of, the capital of the company;
"State Government" means the Government of the State of Sabah;
"subsidiary" has the same meaning as in the Companies Act 1965 [Act 125.];
"successor company" means the company nominated by the Minister under subsection
(1)
of section 3;
"undertakings", in relation to the Corporation, means all lands, buildings, assets, powers, rights, interests, privileges, debts, liabilities and obligations and other property, movable or immovable, vested in or held by the Corporation immediately before the vesting date for the purposes of the Corporation in respect of the development of energy resources of the State of Sabah and the promotion, stimulation, facilitation and undertaking of agricultural, industrial, commercial, economic and other development projects in the State of Sabah;
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"vesting date" means the date on which the property, rights and liabilities comprised in the undertakings of the Corporation and which are specified by the Minister under subsection (1) of section 3 become, by virtue of that section and without further assurance, the property, rights and liabilities of the successor company.