Limited Liability Partnerships Act 2012

Act 2012.

Minister by notification in the Gazette.

Interpretation

“Commission” means the Companies Commission of Malaysia established under the Companies Commission of Malaysia Act 2001

[Act 614];

“conventional partnership” means a partnership registered under the

Registration of Businesses Act 1956 [Act 197] and a partnership established by two or more persons for the purposes of carrying on any professional practice;

“Court” means the High Court or a judge of the High Court;

“Director General of Customs and Excise” means the Director

General of Customs and Excise appointed under section 3 of the

Customs Act 1967 [Act 235];

“Director General of Insolvency” has the meaning assigned to it in the *Insolvency Act 1967 [Act 360];



*NOTE―Previously known as “Bankruptcy Act 1967”―see section 5 of Act A1534.

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“distribution” means distribution of dividends, profits, returns or refunds of capital by the limited liability partnership, whether in cash or in kind;

“document” has the meaning assigned to it in the Evidence Act 1950

[Act 56];

“financial year” means the period in respect of which any profit and loss account of a limited liability partnership is made up, whether that period is a year or not;

“Inland Revenue Board” means the Inland Revenue Board of Malaysia established under the Inland Revenue Board of Malaysia

Act 1995 [Act 533];

“limited liability partnership” means a limited liability partnership registered under section 11 or a foreign limited liability partnership registered under section 45;

“limited liability partnership agreement”, in relation to a limited liability partnership, means a written agreement between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners among themselves and their rights and duties in relation to the limited liability partnership;

“Minister” means the Minister charged with the responsibility for domestic trade;

“partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement, and includes a salaried partner whether or not he is an employee of the limited liability partnership;

“prescribed” means prescribed by the Minister by regulations made under this Act;

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“private company” has the meaning assigned to it in the *Companies

Act 1965;

“professional practice” means the practice as specified in the first column of the First Schedule which is governed by the written law as specified in the second column of the First Schedule, respectively;

“property”, in relation to a limited liability partnership, includes land, money, goods, chose in action, goodwill, and every valuable thing, whether corporeal or incorporeal, movable or immovable, and whether situated in Malaysia or elsewhere and also includes obligations, servitudes, and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to the property;

“register” means any register kept and maintained under this Act;

“Registrar” means the Registrar designated under subsection 20A (1)

of the Companies Commission of Malaysia Act 2001.