s 46 Compensation for transferred undertakings
(1) Where— (a) any undertakings, installations or other property, which were the undertakings, installations, or other property of the body corporate constituted under the repealed Sarawak Electricity Supply Corporation Ordinance 1962[Ord. 25 of 1962], (hereinafter referred to in this Part as“body corporate”), are transferred to the Corporation; and (b) any stock, which were issued to the State Financial Secretary, incorporated by the State Financial Secretary (Incorporation) Ordinance [Sarawak Cap. 103], to hold for the purposes of the Government of the State of Sarawak, are transferred to the Minister of Finance, incorporated by the Minister of Finance (Incorporation) Act 1957 [Act 375], to hold for the purposes of the Federal Government, the Federal Government shall, as soon as practicable, pay, in respect thereof, such compensation to the Government of the State of Sarawak, as may be agreed upon, by and between the Federal Government and the Government of the State of Sarawak. (2) For the purposes of subsection (1), any undertakings, installations or other property, shall mean to include all plants, lands, works and other property, movable or immovable, assets, powers, rights and privileges held or enjoyed in connection therewith or appertaining thereto.