s 3
Open ↗(1) The Minister may, by order published in the Vesting razette, appoint a vesting date and on that date, al roperty, rights and liabilities of the Lembaga shall by virtue of this Act be transferred to and vested in the successor company without any conveyance, assignment or transfer whatever. (2) Every property vested by virtue of subsection (1) in the successor company shall be so vested in the company for the like title or interest as the same was vested or held immediately before the vesting date. (3) Every chose-in-action vested by virtue of subsection (1) in the successor company may, after the vesting date, be sued on, recovered or enforced by the company in its own name and it shall not be necessary for the company or the Lembaga to give notice to the person bound by the chose-in-action of the vesting effected by subsection (1). (4) Every right and liability vested by subsection (1) in the successor company may, on and after the vesting date, be sued on, recovered or enforced by or against the company in its own name and it shall not be necessary tor the company or the Lembaga to give notice to the person whose right or liability is affected by the vesting under subsection (1). (5) Any pending legal proceedings by or against the Lembaga which relate to any property, right or liability transferred to and vested in the successor company by virtue of subsection (1) may, on or after the vesting date, be continued by or against the successor company. (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 Laws of Malaysia arrangements or agreements over such rights and liabilities with the Government of Malaysia or any third party. (7) 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 Lembaga was 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 Lembaga, shall have effect as if the company had been a party to the agreement. (8) For the avoidance of doubt, the transfer to and vesting of rights in the successor company under subsection 3(1) shall not include the transfer and vesting of the right of the Government to regulate matters relating to padi and rice, and shall not confer any exclusive and perpetual right to import and export rice on the successor company, nor shall it confer any other exclusive and perpetual rights in respect of matters relating to padi and rice.