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• Library > Legal Subjects > Banking and Financial Law > Banking and Financial Legalese

Related Category

• Library > Legal Subjects > Litigation > Civil Matters

Related Topics

• Buying on Hire Purchase
• Exchange Control Rules
• Securities
• Offshore Banking
• Commodities
• Danaharta Act

FACTORING BUSINESS

Any business

• of acquiring debts due to any persons or

such other business as the Central Bank of Malaysia, may prescribe with the approval of the Minister of Finance

FOREIGN CURRENCY

Any currency other the Malaysian currency, Ringgit Malaysia (RM).

LEASING BUSINESS

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 any 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, but does not include the business of hire-purchase which is subject to the Hire Purchase Act 1967
• and for the purpose of movable property, includes any machinery, plant, 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

or such other business as the Central Bank of Malaysia may prescribe with the approval of the Minister of Finance.

LIABILITIES

Liabilities means any debts, obligations, duties of every kind, whether in the future or at present, or whether contingent or vested.

PROPERTY

Property means any immovable or movable property and includes

• any interest, title, right, 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 negotiable instrument, including any bank note, bearer note, dividend, Treasury bill, bill of exchange, cheque, promissory note and negotiable certificate of deposit
• any conveyance executed for conveying, assigning, appointing, surrendering, or otherwise transferring or disposing of immovable property whereof the person executing the conveyance is proprietor or possessed or where in he is entitled to a contingent right, either for the whole interest or for any less interest
• 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 of discharge of a debt or liability, whether present or future, or whether vested or contingent
• any security, including any share, fund, stock and debenture and
• any other tangible or intangible property

PROVISION OF FINANCE

Provision of finance includes

• the lending of money
• factoring business
• leasing business
• the acceptance or guarantee of any liability, obligation or duty of any person and
• the purchase of bills of exchange, promissory notes, certificates of deposit, debentures or other negotiable instruments.

RELATIVE

A relative in relation to a person means

1. the spouse of the person
2. the brother or sister of the person
3. the brother or sister of the spouse of the person
4. any lineal ascendant or descendant of the person
5. any lineal ascendant or descendant of the spouse of the person
6. the spouse of any person referred to in paragraph (ii), (iii), (iv) or (v)
7. any lineal descendant of a person referred to in paragraph (ii), (iii) or (vi)
8. any uncle, aunt or cousin of the person, or of the spouse of the person or
9. any spouse, or any lineal ascendant or descendant, of a person referred to in paragraph (viii)

REPRESENTATIVE OFFICE

An office in Malaysia of a foreign institution

STATUTORY BODY

Any body or authority, whether corporate or unincorporate, established, constituted or appointed by any written law, but does not include any local authority.