Malaysia legislation
Section 5
of Sabah Energy Corporation Successor Company Enactment 1997
Section 5
(1)
The Chief Minister, State of Sabah may, after consultation with the Cabinet, at any time, acquire –
(a)
securities of the successor company or of any subsidiary of the successor company; or
(b)
rights to subscribe for any such securities.
(2)
The Chief Minister, State of Sabah may, after consultation with the Cabinet, dispose of any securities or rights acquired by virtue of this section.
(3)
Any expenses incurred by the Chief Minister, State of Sabah in consequence of the provisions of this section shall be treated as investments and be authorised under section 8(3)(b)(iv) of the Financial Procedure Act 1957 [Act 61.].
(4)
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.
Exercise of the functions of the Chief Minister, State of Sabah through nominees.