Section 2

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;

any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of property where the person executing the conveyance is the proprietor or possessor, or wherein he is entitled to a contingent right, either for the whole or part of the interest;

*NOTE─The Central Bank of Malaysia Act 1958 [Act 519] has been repealed by the Central Bank of

Malaysia Act 2009 [Act 701] which comes into operation on 25 November 2009–see section 100 of

Act 701.

Malaysia Co-operative Societies Commission 9

any security, including any stock, share, debenture, bonds, loan stocks, transferable subscription rights or warrants;

any negotiable instrument, including any bank note, bearer note, Treasury bill, dividend warrant, bill of exchange, promissory note, cheque and negotiable certificate of deposit;

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

any other tangible or intangible property;

“honorarium” means a portion of the audited net profit of the

Commission distributed among some or all of the members of the

Board in consideration of their services which would not otherwise be remunerated;

“credit facility” means—

the giving of any advance, loan, trade credit or other facility in whatever form or by whatever name called whereby the person to whom the advance, loan, trade credit or other facility is given has access, directly or indirectly, to the funds or property of the person giving the same;

hire-purchase, leasing, factoring and such similar dealings or transactions;

the giving of a guarantee or the provision of any security in relation to the obligations of any person; or

any other like dealing or transaction as may be prescribed by the Commission;

10

“Chief Executive Officer” means the Chief Executive Officer of the

Commission appointed under section 11A;

“co-operative society” has the same meaning as defined under section 2 of the Co-operative Societies Act 1993 [Act 502];

“Board” means the board of directors of the Commission;

“Syariah Advisory Council” means the Syariah Advisory Council established under section 51 of the *Central Bank of Malaysia Act 1958 [Act 519];

“Minister” means the Minister charged with the responsibility for co-operative development;

“Islamic financing” means the giving of any credit facility in accordance with the Syariah as may be approved by the Syariah

Advisory Council and includes any other like dealing or transaction as may be prescribed under section 63;

“director” means a member of the Board;

“Chairman” means the Chairman of the Board appointed under paragraph 11(3)(a);

“related corporation” means a subsidiary or associate corporation of a co-operative society or an associate corporation of a subsidiary or subsidiaries of a co-operative society;

“return” includes any form of rental, profit, dividend or benefit, including any fee or gift, payable or to be given in relation to any

Islamic financing instrument;

“securities” has the same meaning as defined under section 2 of the

Securities Commission Act 1993 [Act 498];

*NOTE─The Central Bank of Malaysia Act 1958 [Act 519] has been repealed by the Central Bank of

Malaysia Act 2009 [Act 701] which comes into operation on 25 November 2009–see section 100 of

Act 701.

Malaysia Co-operative Societies Commission 11

“subsidiary” has the same meaning as assigned to it under section 5

of the *Companies Act 1965 [Act 125];

“Commission” means the Malaysia Co-operative Societies

Commission established under section 3;

“share” has the same meaning as defined under section 4 of the

Companies Act 1965 or section 2 of the Co-operative Societies Act 1993, as the case may be;

“appointed date” means the date on which this Act comes into operation;

“Deputy Chief Executive Officer” means the Deputy Chief

Executive Officer appointed under section 11A.