Malaysia legislation
Section 1
Section 1
Short title and commencement
(1)
This Act may be cited as the Demutualisation (Kuala Lumpur
Stock Exchange) Act 2003.
(2)
This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette, and the Minister may appoint different dates for different provisions of this Act.
Interpretation 2.
In this Act, unless the context otherwise requires—
“Exchange” means Kuala Lumpur Stock Exchange;
“rights” means all rights, powers, privileges and immunities, whether present or future, actual, contingent or prospective, and whether enforceable in Malaysia or elsewhere;
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“property” means any movable or immovable property and includes—
(a)
in relation to property, any interest, easement or right, whether equitable or legal, title, claim, chose-in-action, power or privilege, whether present or future, vested or contingent, or which is otherwise of value;
(b)
any conveyance executed for conveying, assigning, appointing, surrendering or otherwise transferring or disposing of immovable property, of which the person executing the conveyance is proprietor, possessed or entitled to a contingent right either for the whole interest or for any less interest;
(c)
securities;
(d)
any negotiable instrument, including any bank note, bearer note, Treasury Bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit;
(e)
any mortgage or charge, whether legal or equitable guarantee, lien or pledge, whether actual or constructive letter of hypothecation or trust receipt, indemnity undertaking or other means of securing payment o discharge of a debt or liability, whether present or future vested or contingent; and
(f)
any other tangible or intangible property;
“rules” has the meaning assigned to it in the Securities Industry
Act 1983 [Act 280];
“liabilities” includes debts, charges, duties and obligations of every description, whether present or future, vested or contingent;
“Minister” means the Minister for the time being charged with the responsibility for finance;
“Registrar” has the meaning assigned to it in the Companies Act 1965 [Act 125];
“Commission” means the Securities Commission established under the Securities Commission Act 1993 [Act 498];
“company limited by shares” has the meaning assigned to it in the Companies Act 1965;
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Demutualisation (Kuala Lumpur Stock Exchange)
“transferee company” means a company designated by the Minister under section 8;
“vesting date” means the date appointed by the Minister under section 9;
“conversion date” means the date on which the Exchange is converted to a public company limited by shares as appointed by the Minister under subsection 3(3);
“vested”, in relation to property, includes having rights to property which are future or contingent and rights in reversion and remainder.