Section 84 of the principal Act is amended in subsection (1)-
(a) in the definition of "interest"-
(i) by deleting the word "or" at the end of paragraph (b);
(ii) by inserting, immediately after paragraph (b), the following new paragraph (c):
"(c) in any time-sharing scheme; or"; and
(iii) by rearranging paragraphs (c), (d), (e) and (f) as paragraphs (d), (e), (f) and (g) respectively;
(b) by inserting, immediately after the words "under like circumstances" in the definition of "investment contract", the words "and includes any contract, scheme or arrangement which in substance and irrespective of the form thereof entitles the investor to a right to use or enjoy any sport, recreational, holiday or other related facilities for a consideration and for a duration of not less than twelve months whether or not on a recurring basis";
(c) by substituting for the full stop in the definition of "proclaimed country" a semicolon; and
(d) by inserting, immediately after the definition of "proclaimed country", the following new definition:
'"time-sharing scheme" means a scheme, undertaking or enterprise-
(a) participants in which are, or may become, entitled to use, occupy or possess, for two or more periods during the period for which the scheme, undertaking or enterprise, whether in Malaysia or elsewhere is to operate, property to which the scheme, undertaking or enterprise relates; and
(b) that is to operate for a period of not less than three years.'.