Malaysia legislation
Section 3
of Sarawak Electricity Supply Corporation (Successor Company) Ordinance, 2004
Section 3
(a)
the Corporation shall cease to exist and shall cease to carry out the duties and functions prescribed by the repealed
Ordinance;
(b)
the members of the Board of Directors of the
Corporation shall cease to hold office; and
(c)
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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(2)
Every chose-in-action transferred by virtue of subsection
(1)
to the successor company may, after the transfer 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 bound by the chose-in-action of such transfer.
(3)
Every right and liability transferred by virtue of subsection
(1)
to the successor company may, on and after the transfer date, be sued on, recovered or enforced by or against the company in its own name and it shall not be necessary for the successor company or the
Corporation to give notice to the person whose right and liability is affected by such transfer.
(4)
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