KOOTU FUNDS (PROHIBITION) ACT 1971
Section 2. Interpretation.
(1) In this Act, unless the context otherwise requires-
"company" means a company as defined in the Companies Act 1965 [Act 125], and includes a corporation as defined in the said Act;
"kootu fund" means a scheme or arrangement variously known as a kootu, cheetu, chit fund, hwei, tontine or otherwise whereby the participants subscribe periodically or otherwise to a common fund and such common fund is put up for sale or payment to the participants by auction, tender, bid, ballot or otherwise and includes any scheme or arrangement which with variations partakes of the nature of a kootu, cheetu, chit fund, hwei or tontine;
"Minister" means, except in sections 4, 5 and 6, the Minister for the time being in charge of domestic trade and consumer affairs;
"to promote" includes to manage, form, conduct or otherwise to organize, and also includes aiding, assisting or taking any part in such promotion.
(2) The term "kootu funds" wherever used in this Act includes the term "a kootu fund".
(3) Any reference in this Act to the winding up of a company includes, in the case of a foreign company, a reference to the winding up of the affairs of the foreign company so far as the assets of the foreign company within Malaysia are concerned.
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