This Act may be cited as the International Monetary Fund (Ratification of Amendments to the Articles of Agreement) Act 1969.
SourceAct 12
International Monetary Fund (Ratification of Amendments to the Articles of Agreement) Act 1969
Akta kumpulan wang antarabangsa (pengesahan pindaan perkara-perkara perjanjian) 1969
An Act to provide for the ratification of the amendments to the Articles of Agreement of the International Monetary Fund, pursuant to Resolution No. 23—5 approved by the Board of Governors of the International Monetary Fund, on 31 May 1968, and other matters connected with it.
Data synced
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
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In this Act— “Articles of Agreement” means Articles of Agreement of the said Fund; “International Monetary Fund” (hereinafter referred to as the “Fund”) means the International Monetary Fund of which Malaysia is a member by virtue of section 3 of the Bretton Woods Agreements Act 1957 [Act 472]*;
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“Special Drawing Account” means the account through which the Fund will conduct all operations and transactions involving Special Drawing Rights to be established under the Articles of Agreement as amended.
*NOTE—Act 472 first enacted as the Bretton Woods Agreements Ordinance 1957 [Ord. No. 75 of 1957] and revised as Act 472 w.e.f. 16 September 1991.
s 3Authorization to ratify amendments of Articles of Agreement of the Fund and to participate in the Special Drawing AccountOpen ↗
The Yang di-Pertuan Agong may by instrument under his hand empower such person as he may name in such instrument—
(a) to accept on behalf of Malaysia the amendments to the Articles of Agreement of the Fund annexed to the April 1968 Report by the Executive Directors to the Board of Governors of the Fund, for the purpose of—
(i) establishing a new facility based on Special Drawing Rights in the Fund; and
(ii) giving effect to certain changes in the rules and practices of the Fund; and
(b) to deposit on behalf of Malaysia with the Fund an instrument setting forth that the Government, in accordance with the law in Malaysia, undertakes all the obligations of a participant in the Special Drawing Account established by the Fund under the said amendments and that the Government has taken all steps necessary to enable it to carry out all of these obligations.
(1) In the event that Malaysia becomes a participant in the Special Drawing Account, the following subsections shall have effect.
(2) Special Drawing Rights allocated to Malaysia under Article XXIV of the Articles of Agreement as amended and those otherwise acquired by Malaysia, shall be credited to the Federal Consolidated Fund.
(3) All proceeds arising from the use of Special Drawing Rights by Malaysia, and payments of interest to Malaysia under
International Monetary Fund (Ratification of Amendments to the Articles of Agreement) Articles XXVI, XXX and XXXI of the Articles of Agreement as amended, shall be credited to the Federal Consolidated Fund.
(4) Currency payments by Malaysia in return for Special Drawing Rights, and payments of charges or assessments under Articles XXVI, XXX, and XXXI of the Articles of Agreement as amended, shall be charged on the Federal Consolidated Fund.
s 5Power of the Government to assign rights and obligations under the Special Drawing Account to Bank Negara MalaysiaOpen ↗
(1) The Yang di-Pertuan Agong may if he thinks it expedient, by order authorize Bank Negara Malaysia to exercise rights and to perform obligations, being rights and obligations which arise out of the deposit with the Fund of an instrument under paragraph 3(b).
(2) Upon the making of an order under subsection (1)—
(a) the rights and obligations referred to shall, notwithstanding the provisions of the Central Bank of Malaysia Act 1958 [Act 519]*, be deemed to be the rights and obligations of Bank Negara Malaysia and section 4 shall cease to apply to the Federal Consolidated Fund; and
(b) without prejudice to any other powers of Bank Negara Malaysia as may be provided in the Central Bank of Malaysia Act 1958, Bank Negara Malaysia shall have the following powers, that is to say:
(i) to receive for its own account, Special Drawing Rights allocated to Malaysia under Article XV of the Articles of Agreement as amended and those otherwise acquired by Malaysia;
(ii) to include Special Drawing Rights, in it reserves of external assets to be held pursuant to section 28 of the Central Bank of Malaysia Act 1958;
(iii) to receive for its own account, all proceeds arising from the use of Special Drawing Rights by Malaysia and payments of interest to
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Malaysia under Articles XX, XXIV and XXV of the Articles of Agreement as amended; and
(iv) to make currency payments in return for Special Drawing Rights and payments of charges or assessments under Articles XX, XXIV and XXV of the Articles of Agreement as amended.
*NOTE—Act 519 first enacted as the Central Bank of Malaysia Ordinance 1958 [Ord. No. 61 of 1958] and revised as Act 519 w.e.f. 18 May 1994.
The Bretton Woods Agreements Act 1957, shall be read subject to this Act.
Cite this legislation
- Official citation
- Act 12
- Source
- lom.agc.gov.my
- Data synced
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- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) ↗
International Monetary Fund (Ratification of Amendments to the Articles of Agreement) Act 1969 [Act 12] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-12
This text is synced from lom.agc.gov.my. In case of any discrepancy, the authoritative text prevails.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).