Malaysia legislation
Section 3
of Sabah Energy Corporation Successor Company Enactment 1997
Section 3
(1)
Subject to this Enactment, the Minister may from time to time, by order published in the Gazette, appoint a vesting date and on such date, such property, rights and liabilities comprised in the undertakings of the Corporation specified by the Minister in such order shall become, by virtue of this section and without any conveyance, assignment, transfer or other assurance whatsoever, the property, rights and liabilities of a company nominated for the purposes of this section by the Minister (referred to in this Enactment as the "successor company") and which shall be initially owned by the Chief Minister, State of
Sabah.
(2)
Any immovable property to be transferred to and vested in the successor company under subsection (1) shall be held by the successor company on such title, estate, interest and tenure as that held by the Corporation immediately before the vesting date.
(3)
Every chose-in-action to be transferred to and vested in the successor company under subsection (1) may, on or after the vesting date, be sued on, recovered or enforced by the successor company in its own name and it shall not be necessary for the successor company or the Corporation to give notice to the person liable under the chose-in-action of the vesting effected by subsection (1).
(4)
Every right and liability to be transferred to and vested in the successor company under subsection (1) may, on or after the vesting date, be sued on, recovered or enforced by or against the successor company in its own name and it shall not be necessary for the successor company to join or include the Corporation in any legal action with regard to any such right or liability.
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(5)
In the case of rights and liabilities arising under any loans which are to be transferred to and vested in the successor company on the vesting date, the successor company may enter into such arrangements or agreements over such rights and liabilities with the Corporation or any third party.
(6)
Where by virtue of subsection (1) any land is transferred to and vested in the successor company, the delivery of a copy of the order concerned shall, notwithstanding any provision of any written law to the contrary, be sufficient authority to any public officer charged with the responsibility for registering dealings with land or the issue of title thereto, and any such officer shall thereupon, without payment of fee, take all necessary steps to perfect the title to the successor company to such land.
(7)
If any question arises as to whether any particular property, right or liability of the Corporation has been transferred to or vested in the successor company under this
Enactment, a certificate under the hand of the Minister shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
(8)
It is hereby declared for the avoidance of doubt that –
(a)
any reference in this Enactment to property comprised in the
Corporation's undertakings is a reference to such property of the
Corporation whether situated in Sabah or elsewhere; and
(b)
any such reference to rights and liabilities comprised in the Corporation's undertakings is a reference to such rights to which the Corporation is entitled or, as the case may be, such liabilities to which the Corporation is subject, whether under the laws of Malaysia or any country outside
Malaysia and includes rights and liabilities arising under loans raised in relation to the Corporation's undertakings.
(9)
It shall be the duty of the Corporation and of the successor company to take all such steps as may be requisite to secure that the vesting in such company by virtue of this section of any foreign property, right or liability is effective under the relevant foreign law and until such time it shall be the duty of the Corporation to hold that property or right for the benefit of, or to discharge that liability on behalf of, such company.
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(10)
Nothing in subsection (9) shall be taken as prejudicing the effect under the laws of Malaysia of the vesting in the successor company by virtue of this section of any foreign property, right or liability.
(11)
Any expenses incurred and liabilities discharged by the Corporation under subsection (9) shall be paid by the successor company.
(12)
In subsections (9) and (10), references to any foreign property, right or liability are references, respectively, to any property, right or liability comprised in the Corporation's undertakings in respect of which any issue arising in any proceedings would have been determined (in accordance with the rules of conflict of laws) by reference to the law of a country or territory outside Malaysia.
Initial Government holding in the successor company.