Legislation Update

 

Netting of Financial Agreements Act 2015
The Netting of Financial Agreements Act 2015 will come into operation on 30 March 2015. It is an Act to provide for the enforceability of netting provision in financial agreements and to provide for related matters. 

Architects (Amendment) Act 2015
The Architects (Amendment) Act 2015 will come into operation on 1 June 2015 only for Paragraphs 3(d) and (p) and Section 23. It is an Act to amend the Architects Act 1967.

Companies Commission of Malaysia (Amendment) Act 2015
The Companies Commission of Malaysia (Amendment) Act 2015 came into operation on 20 February 2015 except for sections 9, 10, 11, 13, 14 and 15. It is an Act to amend the Companies Commission of Malaysia Act 2001. 

Malaysian Airline System Berhad (Administration) Act 2015
The Malaysian Airline System Berhad (Administration) Act 2015 came into operation on 20 February 2015. This is an Act to provide special laws for the administration of the Malaysian Airline System Berhad, its wholly owned subsidiary companies, and its partially owned subsidiary companies providing goods or carrying out services or both that are essential to the operations of the Malaysian Airline System Berhad and the appointment of an administrator with the powers to administer and manage the Malaysian Airline System Berhad, its wholly owned subsidiary companies, and its partially owned subsidiary companies providing goods or carrying out services or both; to provide for the establishment of a new entity which will replace the Malaysian Airline System Berhad as the national carrier; and to provide for related matters.

Control of Supplies (Amendment) Act 2015
The Control of Supplies (Amendment) Act 2015 came into force on 10 January 2015. It is an Act to amend the Control of Supplies Act 1961.

Finance (No. 2) Act 2014
The Finance (No. 2) Act 2014 came into force on 1 January 2015 except for Sections 4, 5, 6, 7, 8, 9, 10, 12 and 16, subparagraphs 20(a)(iv)(B), paragraph 20(b), section 21, paragraphs 22(b) and (c), and section 23 which have effect for the year of assessment 2015 and subsequent years of assessment. Additionally, Sections 11, 13 and 14, paragraph 15(a), sections 17, 18 and 19, subsubparagraph 20(a)(iv)(A) and paragraph 22(a) and section 25 shall come into operation on the coming into operation of this Act. It is an Act to amend the Income Tax Act 1967, the Petroleum (Income Tax) Act 1967 and the Real Property Gains Tax Act 1976. 

Supply Act 2015
The Supply Act 2014 came into force on 1 January 2015. It is an Act to apply a sum from the Consolidated Fund for the service of the year 2015 and to appropriate that sum for the service of that year.