Section 4. Vesting provisions. (INTELLECTUAL PROPERTY CORPORATION OF MALAYSIA ACT 2002

ACT 617
INTELLECTUAL PROPERTY CORPORATION OF MALAYSIA ACT 2002

PART II - THE CORPORATION

Section 4. Vesting provisions.

(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 properties of the Government of Malaysia and all the rights or liabilities of the Government of Malaysia, the Registrar or the Controller specified by the Minister in such order shall, by virtue of this Act, be transferred to and vested in the Corporation without any conveyance, assignment or transfer.

(2)Every property vested by virtue of subsection (1) in the Corporation shall be so vested in the Corporation for the like title, estate or interest and on the like tenure as the property was vested or held immediately before the vesting date.

(3)Every chose-in-action vested by virtue of subsection (1) in the Corporation may, on and after the vesting date, be sued on, recovered or enforced by the Corporation in its own name and it shall not be necessary for the Corporation, the Government of Malaysia, the Registrar or the Controller to give notice to the person bound by the chose-in-action of the vesting effected under subsection (1).

(4)Every right or liability vested by virtue of subsection (1) in the Corporation may, on and after the vesting date, be sued on, recovered or enforced by or against the Corporation in its own name and it shall not be necessary for the Corporation, the Government of Malaysia, the Registrar or the Controller to give notice to the person whose right or liability is affected by the vesting effected under subsection (1).

(5)Any pending legal proceedings by or against the Government of Malaysia, the Registrar or the Controller which relate to any property, right or liability transferred to and vested in the Corporation by virtue of subsection (1) may, on and after the vesting date, be continued by or against the Corporation.

(6)In the case of rights or liabilities arising under any loans which is vested in the Corporation on the vesting date, the Corporation may enter into such 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 Corporation under subsection (1) to which the Government of Malaysia, the Registrar or the Controller 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 Government of Malaysia, the Registrar or the Controller shall have effect as if the Corporation has been a party to the agreement.

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Note:
Refer to P.U.(A) 69/2003 -Vesting Date Order 2003 (cif 3/3/2003)