Standards of Malaysia Act 1996 s 7
s 7 Government of Malaysia to hold all shares in the successor company
(1) The Minister of Finance may, from time to time, on behalf of the Government of Malaysia, subscribe for or otherwise acquire all the shares in the successor company.
(2) Shares in the successor company held by the Minister of Finance shall be held by the Minister of Finance Incorporated under the Minister of Finance (Incorporation) Act 1957 [Act 375].
(3) Notwithstanding any other written law or rule of law, it shall not be necessary to complete or register a transfer of shares of the kind referred to in subsection (2) consequent upon a change in the person holding the office of the Minister of Finance.
(4) The Minister of Finance may exercise all the rights and powers attaching to the shares in the successor company held by him.
(5) The Minister of Finance may, at any time, by written notice to the Company Secretary of the successor company, authorize, on such terms and conditions as are specified in the notice, any person as he thinks fit to act as his representative at any or all of the meetings of shareholders of the successor company or of any class of shareholders, and any person so authorized shall be entitled to exercise the same powers, on behalf of the Minister of Finance, as the Minister of Finance could exercise if present in person at the meeting.
Malay text (authoritative)
Kerajaan Malaysia hendaklah memegang semua syer dalam syarikat pengganti
(1) Menteri Kewangan boleh, dari semasa ke semasa, bagi pihak Kerajaan Malaysia, memohon beli atau selainnya memperoleh semua syer dalam syarikat pengganti.
(2) Syer dalam syarikat pengganti yang dipegang oleh Menteri Kewangan hendaklah dipegang oleh Menteri Kewangan Diperbadankan di bawah Akta Menteri Kewangan (Pemerbadanan) 1957 [Akta 375].
(3) Walau apa pun mana-mana undang-undang bertulis yang lain atau kaedah undang-undang, adalah tidak perlu melengkapkan atau mendaftarkan sesuatu pemindahan syer daripada jenis yang disebut dalam subseksyen (2) berikutan dengan pertukaran orang yang memegang jawatan Menteri Kewangan.
(4) Menteri Kewangan boleh menjalankan segala hak dan kuasa yang berhubung kait dengan syer dalam syarikat pengganti yang dipegang olehnya.
(5) Menteri Kewangan boleh, pada bila-bila masa, melalui notis bertulis kepada Setiausaha Syarikat bagi syarikat pengganti, memberi kuasa, atas apa-apa terma dan syarat yang ditentukan dalam notis itu, mana-mana orang yang difikirkannya patut untuk bertindak sebagai wakilnya pada mana-mana atau semua mesyuarat pemegang syer syarikat pengganti atau mana-mana kelas pemegang syer, dan mana-mana orang yang diberi kuasa sedemikian berhak menjalankan kuasa yang sama, bagi pihak Menteri Kewangan, sebagaimana yang Menteri Kewangan boleh menjalankannya jika hadir sendiri pada mesyuarat itu.
Read this section in the full act β Β· Open Part II β
Find Act 549 on lom.agc.gov.my β
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
