The Prime Minister’s Department’s legal affairs division said the law, which was last amended in 1976, was outdated and unable to address modern issues such as digital transactions and e-commerce.

It said the committee – which includes prominent judges, academics, legal practitioners and government officers – would propose amendments to the Act based on contract law developments and key court decisions related to the law.

“The committee will prepare a report regarding the need to rejuvenate the Act. It will have 24 months to conduct its studies,” it said in a statement.

Among the 21 members of the committee are former chief judge of Sabah and Sarawak David Wong, Court of Appeal judges Azizul Azmi Adnan and Wong Kian Kheong, as well as Asian International Arbitration Centre director and former apex court judge Mary Lim.

Also on the panel are Sarawak’s state legal adviser Fong Joo Chung, constitutional law expert Philip Koh and academics from Monash University, Universiti Kebangsaan Malaysia, as well as Universiti Sultan Zainal Abidin.