Sarawak Electricity Supply Corporation (Successor Company) Ordinance, 2004

the Corporation shall cease to exist and shall cease to carry out the duties and functions prescribed by the repealed

Ordinance;

the members of the Board of Directors of the

Corporation shall cease to hold office; and

the property, rights and liabilities to which the

Corporation was entitled or subject to shall, by virtue of this section, be transferred to and vested in the successor company without further conveyance, assignment or transfer whatsoever, to become the absolute property, rights and liabilities of the successor company.

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Every chose-in-action transferred by virtue of subsection

Corporation to give notice to the person bound by the chose-in-action of such transfer.

Every right and liability transferred by virtue of subsection

Corporation to give notice to the person whose right and liability is affected by such transfer.

In the case of rights and liabilities arising under any loans which vest in the successor company on the transfer date, the company may enter into such arrangements or agreements over such rights and liabilities with the Government of Malaysia or the

Government of Sarawak or any third party.

Initial State Government’s holding in the successor company

to the State Financial Secretary, to hold for the purposes of the Government; and

to any person whom the Minister certifies in writing to be entitled to be issued such shares and the amount of his entitlement.

Shares issued in pursuance of this section—

The State Financial Secretary may, in accordance with the direction of the Minister, dispose of or otherwise deal with any shares issued or of any rights to shares initially allocated to it in pursuance of this section.

The State Financial Secretary may, at any time, acquire—

the transfer and vesting effected by virtue of section 3(1)(c) shall be taken to have been a transfer and vesting of property, rights and liabilities to which the Corporation was entitled or subject to immediately before the end of the last complete accounting year of the Corporation ending before the

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transfer date and to have been effected immediately after the end of that year;

the value or amount of any asset or liability of the

Corporation vested in the successor company shall be the value or amount assigned to that asset or liability for the purposes of the corresponding statement of accounts prepared by the Corporation, in respect of that year;

the amount to be included in respect of any item shall be determined as if anything done by the Corporation, whether by way of acquiring, revaluing or disposing of any asset or liability, or by carrying any amount to any provision or reserve, or otherwise had been done by the successor company;

the amount to be included from time to time in any reserves of the successor company as representing its accumulated realized profits shall be determined as if any profit realized and retained by the Corporation had been realized and retained by the successor company;

references in this section to the statutory accounts of the successor company are references to any accounts prepared by the successor company for the purposes of any provision of the Companies Act 1965 [Act 125]; and

“complete accounting year” means an accounting year ending with 31st December or a period to be determined by the

Minister.

Pending proceedings

Any debt or sums owing or due to the Corporation at or prior to the transfer date shall be recovered by or paid to the successor company as if it were a debt or sum owing or due to the successor company.

Existing licences and contracts, etc.

All deeds, bonds, instructions, agreements, undertakings and working arrangements subsisting immediately before the transfer date shall be of full force and effect against or in favour of the successor company, and enforceable as fully and effectively as if, instead of the

Corporation, the successor company has been named therein or a party thereto.

Every such person who opts under subsection (1) to serve as an employee of the successor company shall be employed by such company on terms and conditions of service not less favourable than those to which he was entitled to in the Corporation immediately before the transfer date.

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