Suriyadi Halim Omar JCA:

[1] This appeal arose from the dismissal with costs on 5 November 2002 by the learned High Court Judge of the appellant's application, for an order for sale in respect of land held under H.S. (D) 83488, number P.T 43, Mukim Kuala Lumpur, Wilayah Persekutuan which the respondent had charged to the appellant. The appellant is a financial institution governed by the Moneylenders Act l951 and the respondent a third party chargor. The respondent had created a third party first legal charge dated 20 April 1998 registered in favour of the appellant vide charge presentation No. 4823/98 to secure a loan of RM7.5 million from the appellant to one, Tow Kong Liang ("the borrower") and granted vide Memorandum of Loan Agreement dated 27 February 1995. It was admitted and agreed upon by all the parties that the purpose of the loan of RM7.5 million, granted to the borrower, was for share financing.

[2] In the midst of the loan agreement period, the appellant alleged that an exemption was granted by the Housing & Local Government Ministry under s. 2A(2) of the Act , for the period from 29 August 1997 until 28 August 2001 ("the exemption period) of all the provisions o