Act 466 Postal Services Successor Company Act 1991
Act 466 Postal Services Successor Company Act 1991
Act 466 Postal Services Successor Company Act 1991
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LAWS OF MALAYSIA
REPRINT
Act 466
PUBLISHED BY
THE COMMISSIONER OF LAW REVISION, MALAYSIA
UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968
IN COLLABORATION WITH
PERCETAKAN NASIONAL MALAYSIA BHD
2006
PREVIOUS REPRINT
Act 466
ARRANGEMENT OF SECTIONS
PART I
PRELIMINARY
Section
1. Short title
2. Interpretation
PART II
3. Vesting provisions
4. Initial Government holding in the successor company
5. Government investment in securities of the successor company
6. Exercise of the Minister of Finance’s functions through nominees
7. Financial structure of the successor company
PART III
8. Staff
Act 466
PART I
PRELIMINARY
Short title
Interpretation
PART II
Vesting provisions
3. (1) Subject to this Act, the Minister may, from time to time,
by order published in the Gazette, appoint a vesting date and on
such date all property, rights or liabilities of the Government of
Malaysia in respect of postal services specified by the Minister in
such order shall, by virtue of this Act, be transferred to and vested
in the successor company without any conveyance, assignment or
transfer whatever.
(6) In the case of rights and liabilities arising under any loans
which vest in the successor company on the vesting date, the
company may enter into such arrangements or agreements over
such rights and liabilities with the Government of Malaysia or any
third party.
(8) On and after the vesting date, any agreement relating to any
property, rights and liabilities transferred to and vested in the
successor company under subsection (1) to which the Government
of Malaysia were a party immediately before the vesting date,
whether in writing or not, and whether or not of such a nature that
rights and liabilities thereunder could be assigned by the Government
of Malaysia, shall have effect as if the company has been a party
to the agreement. Adam Haida & Co
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8 Laws of Malaysia ACT 466
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Initial Government holding in the successor company
PART III
Staff
(2) 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 the terms and conditions of service to which he was entitled
to immediately before the appointed date.
Act 466
LIST OF AMENDMENTS
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Act 466
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DICETAK OLEH
PERCETAKAN NASIONAL MALAYSIA BERHAD,
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