Section 2

"accounting officer" means the accountant, the financial controller, or any other officer who is charged with the duty of collecting, receiving, custody, disposal of or accounting for the moneys of a statutory body;

"Auditor-General" means the Auditor-General of the Federation appointed under

Article 105(1) of the Federal Constitution, and includes any person acting on his behalf or pursuant to authority issued by him;

"bank" means any bank licensed under the Banking and Financial Institutions Act 1989 [Act 372.] or under the Islamic Banking Act 1983 [Act 276.] to undertake the business of banking or to undertake merchant banking in Malaysia or to carry on off-shore banking business in the Federal Territory of Labuan under the Offshore

Banking Act 1990 [Act 443.];

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"bad debts" means any sum of money incurred by, or due, owing or payable to, a statutory body which had become irrecoverable for whatever reason, and includes sums expended by a statutory body on any project or investment which has been abandoned, failed or lost;

"capital assets" means any immovable property belonging to a statutory body, and any shares, securities, stocks and other forms of investment in any company held or registered in the name of a statutory body;

"Chairman", in relation to a statutory body, means the Chairman thereof appointed pursuant to the provisions of the State law under which that statutory body is constituted or established;

"Chief Executive Officer", in relation to a statutory body, means its principal executive officer, by whatsoever name or style designated, who is responsible for the day-to-day administration and management of that statutory body;

"company" shall have the same meaning assigned to it in section 4(1) of the

Companies Act 1965 [Act 125.] and includes a foreign company and a corporation as defined in the said section of the Act;

"Deputy Chairman", in relation to a statutory body, means the Deputy Chairman thereof appointed pursuant to the provisions of the State law under which that statutory body is constituted or established;

"financial institution" means any company licensed under the Banking and

Financial Institutions Act 1989 [Act 372.] to undertake the business of a finance company or to undertake a scheduled business as defined in the said Act;

"holding company" shall have the same meaning as that assigned to it in section 5(4) of the Companies Act 1965 [Act 125.];

"member" means any person appointed as a member of a statutory body or as a director or Trustee of the Board of that statutory body pursuant to the provisions of the State law establishing or constituting that body and includes the Chairman and

Deputy Chairman;

"Minister", in relation to a statutory body, means the Minister for the time being responsible for the statutory body;

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"related company", in relation to a statutory body, shall have the same meaning as that assigned to it in section 6 of the Companies Act 1965 [Act 125.];

"State Financial Authority" shall have the same meaning as assigned to that expression in the Financial Procedure Act 1957 [Act 61.];

"statutory body" means any body corporate listed in the Schedule incorporated pursuant to the provisions of a State law but does not include a local authority;

"subsidiary company" shall have the same meaning as that assigned to it in section 5

of the Companies Act 1965 [Act 125.] and includes a company wherein a statutory body holds or acquires in aggregate, directly or indirectly, more that one-half of the company's shares based on paid-up capital of such company.

Inconsistency with any other State law.