Malaysia legislation
Section 66
Section 66
In this Division, unless the context otherwise requires —
“interest” means any right to participate, or any interest, whether enforceable or not, and whether actual, prospective or contingent —
(a)
in any profits, assets or realization of any financial or business undertaking or scheme whether in Malaysia or elsewhere;
(b)
in any common enterprise, whether in Malaysia or elsewhere, in which the holder of the right or interest is led to expect profits, rent or interest from the efforts of the promoter of the enterprise or a third party; or
(c)
in any investment contract, whether or not the right or interest is evidenced by a formal document, and whether or not the right or interest relates to a physical asset, but does not include—
(d)
any share in or debenture of a corporation;
(da) any interest in a limited partnership or a limited liability partnership;
(e)
any interest in, or arising out of, a policy of life insurance;
(f)
any interest in a partnership agreement other than in paragraph (da) unless the agreement—
(i)
relates to an undertaking, scheme, enterprise or investment contract promoted by, or on behalf of, a person whose ordinary business is or includes the
78 Laws of Malaysia ACT 441
promotion of similar undertakings, schemes, enterprises or investment contracts; or
(ii)
is an agreement, or is within a class of agreements, prescribed by regulations for the purposes of this paragraph;
“investment contract” means any contract, scheme or arrangement which in substance and irrespective of the form thereof involves the investment of money in or under such circumstances that the investor acquires or may acquire an interest in or right in respect of property which, under or in accordance with the terms of investment, will or may, at the option of the investor, be used or employed in common with any other interest in or right in respect of property acquired in or under like circumstances;
“management company”, in relation to any interests issued or any deed that relates to any interests issued or proposed to be issued, means a company by or on behalf of which the interests have been or are proposed to be issued, and includes any person for the time being exercising the functions of the management company.
Approved deeds