Section 57
Section 57
The Minister may make regulations for or in respect of every purpose which is deemed by him necessary for carrying out the
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provisions of this Act and for the prescribing of any matter which is authorized or required under this Act to be so prescribed.
(2)
Without prejudice to the foregoing power the Minister may by regulations—
(a)
after consultation with the Minister charged with the responsibility for insurance prescribe—
(i)
the rates of insurance in respect of any class or classes of goods;
(ii)
the different rates for insurance in respect of different classes of goods;
(iii)
the rates on a sliding scale; or
(iv)
the rates according to or upon any specified principle or criterion;
(b)
prescribe all matters relating to the issuance of permits granted under this Act, including the procedure for application, fees, forms, conditions and duration of the permits;
(c)
regulate the manner by which an owner, his servant or agent shall exercise the power of taking possession;
(d)
require records to be maintained by owners and dealers and prescribe the particulars to be recorded;
(e)
require owners and dealers to supply at such times as may be specified information relating to hire-purchase transactions;
(f)
prescribe the offences under this Act which may be compounded, the amount of such compound and the procedure to be followed in compounding.
(3)
The regulations made under this section may provide for—
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(a)
any act or omission in contravention of the regulations to be an offence; and
(b)
the imposition of penalties of a fine not exceeding thirty thousand ringgit or imprisonment for a term not exceeding three years or to both.