Section 93

be given either by an authorized insurer or by some body of persons approved by the Minister after consultation with the Minister of Finance, which carries on in

Malaysia the business of giving securities of a like kind;

and

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consist of an undertaking by the giver of the security to make good, subject to any conditions specified therein and up to an amount, in the case of an undertaking relating to the use of public service vehicles, of not less than two hundred and twenty-five thousand ringgit, and in any other case, of not less than forty thousand ringgit, any failure by the owner of the vehicle or such other person or class of persons as may be specified in the security to discharge any such liability as is required to be covered by a policy of insurance under section 91

which may be incurred by him or by them.

A security shall be of no effect for the purpose of this Part unless there is issued by the person giving the security to the person to whom it is given a certificate (in this Act referred to as a

“certificate of security”) in the prescribed form and containing such particulars of any conditions subject to which the security is issued and of any other matters as may be prescribed, and different forms and different particulars may be prescribed in relation to different cases or circumstances.

Certain conditions in policies or securities to be of no effect