Malaysia legislation
Section 4
of Sabah Energy Corporation Successor Company Enactment 1997
Section 4
(1)
As a consequence of the vesting in the successor company by virtue of subsection (1) of section 3 of the property, rights and liabilities comprised in the Corporation's undertakings, the successor company shall issue such securities of the successor company as the Minister may from time to time direct –
(a)
to the Chief Minister, State of Sabah; or
(b)
with the approval of the Cabinet, to any person as the Minister may determine.
(2)
The Minister shall not give a direction under subsection (1) at a time when the successor company has ceased to be wholly owned by the Chief Minister, State of Sabah.
(3)
Securities required to be issued in pursuance of this section shall be issued or allotted at such time and on such terms as to allotment as the Minister may direct.
(4)
Shares in the successor company issued in pursuance of this section –
(a)
shall be of such nominal value as the Minister may direct; and
(b)
shall be issued as fully paid and treated for the purposes of the
Companies Act 1965 [Act 125.] as if they had been paid up by virtue of the payment to the successor company of their nominal value.
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(5)
The Chief Minister, State of Sabah may, after consultation with the Cabinet, dispose of any securities issued or of any rights to securities initially allotted to the Chief
Minister, State of Sabah in pursuance of this section.
(6)
Any dividends or other sums received by the Chief Minister, State of Sabah as a right of, or on the disposal of, any securities or rights acquired by virtue of this section shall be paid into the Consolidated Fund.
Government investment in securities of the successor company.