Malaysia legislation
Section 127
Section 127
(2)
Section 2 of the Act is amended—
(a)
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
(b)
by inserting after the definition of "Minister" the following new definition:
' "provision of finance" means—
(a)
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;
(b)
the business of acquiring debts due to any person; and
Ac1 212.
(c)
the business of hire-purchase, including that which is subject to the Hire-Purchase Act 1967;'.
(3)
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".
(4)
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).