Banking and Financial Institutions Act 1989 · As enacted · Part XVI
Section 127
Official textFrom Laws of Malaysia Online, unchanged
The Finance Companies Act 1969, hereinafter referred to in this section as "the Act", is amended in the manner specified in subsections (2), (3) and (4).
Section 2 of the Act is amended—
by deleting the word "or" in subparagraph (i) of paragraph (b) in the definition of "finance business", and substituting for the comma at the end of subparagraph (ii), the words "; or" and inserting thereafter the following new subparagraph:
' " (iii) the provision of finance,"; and
by inserting after the definition of "Minister" the following new definition:
' "provision of finance" means—
the business of letting or sub-letting movable property on hire for the purpose of the use of such property by the hirer or any other person in any business, trade, profession or occupation, or in my commercial, industrial, agricultural or other economic enterprise whatsoever and, where the lessor is the owner of the property, regardless whether the letting is with or without an option to purchase the property; and for the purpose of this definition, "movable property" includes any plant, machinery, equipment or other chattel attached or to be attached to the earth or fastened or to be fastened, permanently or otherwise, to any thing attached to the earth;
the business of acquiring debts due to any person; and
Ac1 212.
the business of hire-purchase, including that which is subject to the Hire-Purchase Act 1967;'.
Section 20 of the Act is amended by inserting after the word "security" in paragraph (a) of subsection (2) the words ", and for the purpose of this paragraph, any property, whether movable or immovable, including any right, interest, claim or chose in action, whether vested or contingent, in relation to any property, and any conveyance executed for conveying, assigning or otherwise transferring or disposing of immovable property whereof the person executing the conveyance is the proprietor or possessed or wherein he is entitled to a contingent right either for his whole interest or for any less interest, may, constitute security".
property
"property" means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property whereof the person executing the conveyance is proprietor or possessed or wherein he is entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (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 or discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property;
The amendments to the Act made under subsections (2) and (3) shall have effect, and shall be deemed always to have been an integral part of the Act, as from the date of the commencement of the Act until immediately before the date of the commencement of the repeal of the Act under section 128 (1).
Terms defined in s 2
Minister
Defined · s 2"Minister" means the Minister for the time being charged with the responsibility for finance;
movable property
Defined · s 2"movable property" includes any plant, machinery, equipment or other chattel attached or to be attached to the earth or fastened or to be fastened, permanently or otherwise, to any thing attached to the earth; or (b) such other business as the Bank, with the approval of the Minister, may prescribe;
person
Defined · s 2"person" includes an individual, any corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
property
Defined · s 2"property" means any movable or immovable property and includes— (a) any right, interest, title, claim, chose in action, power or privilege, whether present or future, or whether vested or contingent, in relation to any property, or which is otherwise of value; (b) any conveyance executed for conveying assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property whereof the person executing the conveyance is proprietor or possessed or wherein he is entitled to a contingent right, either for the whole interest or for any less interest; (c) any security, including any stock, share, debenture and fund; (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 or discharge of a debt or liability, whether present or future, or whether vested or contingent; and (f) any other tangible or intangible property;
provision of finance
Defined · s 2"provision of finance" includes— (a) the lending of money; (b) leasing business; (c) factoring business; (d) the purchase of bills of exchange, promissory notes, certificates of deposit, debentures or other negotiable instruments; and (e) the acceptance or guarantee of any liability, obligation or duty of any person;