This Act may be cited as the International Monetary Short title, Fund (Ratification of Second Amendment to the Articies of Agreement) Act 1977.
Act 184
International Monetary Fund (Ratification of Second Amendment to the Articles of Agreement) Act 1977
Akta kumpulan wang antarabangsa (pengesahan pindaan kedua kepada perkara-perkara perjanjian) 1977
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An Act to provide for the ratification of the amendments to the Articles of Agreement of the International Monetary Fund pursuant to Resolution No. 31-4 adopted by the Board of Governors of the International Monetary Fund on April 30, 1976, and other matters connected therewith. 10th gune 1977 BE IT ENACTED by the Duli Yang Maha Mulia Seri Paduka Baginda Yang di-Pertuan Agong with the advice nd consent of the Dewan Negara and Dewan Rakyat il arliament assembled, and by the authority of the same, a follows: 1. This Act may be cited as the International Monetary Short title, Fund (Ratification of Second Amendment to the Articies of Agreement) Act 1977. 2. In this Act- Inter- pretation. "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 Ordinance 1957; 75/57. "Articles of Agreement" means the Articles of Agreement of the said Fund as amended pursuant to Resolution No. 31-4 adopted by the Board of Governors of the Fund on April 30, 1976; "Special Drawing Rights Department" means the Account through which the Fund will conduct all operations and transactions involving Special Drawing Rights allocated
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In this Act- Interpretation. "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 Ordinance 1957; 75/57. "Articles of Agreement" means the Articles of Agreement of the said Fund as amended pursuant to Resolution No. 31-4 adopted by the Board of Governors of the Fund on April 30, 1976; "Special Drawing Rights Department" means the Account through which the Fund will conduct all operations and transactions involving Special Drawing Rights allocated
IS.2-4) Authorisation to ratify amendments of Articles of Agrcc. ment of thc Fund. under Article XV of the Articles of Agreement, except operations and transactions pursuant to section 2 of Article XVII of the Articles of Agreement "Cieneral Department" means the Account through which the Fund will conduct all other operations and transactions authorised by the Articles of Agreement; "General Resources Account" means the Account of the General Department through which the Fund will conduct all its operations and transactions using the general resources of the Fund; "Special Disbursement Account" means the Account of the General Department in which profits from the sale of che rund's gold shall be held for use in accordance witt the provisions governing that Account in section 12 ol Article V and Schedule B to the Articles of Agreement; "Investment Account" means the Account of the General Department established under section 6 (f) (i) of Article XII of the Articles of Agreement, in which the Fund's resources used for and resulting from investment will be held.
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 Second Amendment to the Articles of Agreement of the Fund • annexed to the March 1976 Report by the Executive Directors to the Board of Governors of the Fund; and b) to deposit on behalt of Malaysia with the Fund al nstrument setting forth that the Government, i accordance with the laws of Malaysia, undertakes all the obligations of a member of the Fund under the Second Amendment of the Articles of Agreement of the Fund and that the Government has taken all steps necessary to enable it to carry out all of these obligations. Extension of 4. The Bretton Woods Agreements Order 1969 shall be P.U.(1) SOS/69. deemed to refer to all rights and obligations with respect to the General Resources Account, the Special Disbursemen! Account and the Investment Account of the General Department of the Fund under the Articles of Agreement of the Fund.
Perintah Perjanjian Bretton Woods 1969 hendaklah disifatkan sebagai berkenaan dengan segala hak dan kewajipan mengenai Akaun Sumberwang Am, Akaun Pembayaran Khas dan Akaun Pelaburan bagi Jabatan Am Kumpulan Wang di bawah Perkara-perkara Perjanjian Kumpulan Wang.
i KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN KEDUA KEPADA PERKARA-PERKARA PERJANJIAN) [S. 5-6) janjian) 1969 adalah dipinda-
(a) dengan menggantıkan perkataan-perkataan•"Perkara 24" vang terdapat dalam perenggan (b) (i dengan perkataan-perkataan "Perkara 15"; dan
(b) dengan menggantikan perkațaan-perkataan "Perkara 26, Perkara 30 dan Perkara 3ì" yang terdapat dalam perenggan (b) (iii) dan (iv) dengan perkataanperkataan "Perkara 20, Perkara 24 dan Perkara
s 5IS. 5-6] INTERNATIONAL MONETARY FUND (RATIFICATION OF SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT)Open ↗
Subsection (2) of section 5 of the International Monetary Conse- FadRtatnmendmens tte rles of Agree-en ment) Act 1969 is amended by- Act 12.
(a) substituting for the words "Article XXIV" appearing in paragraph (b) (i) the words "Article XV»;
(b) substituting for the words "Article XXVI, Article XX and Article XXXI" appearing in paragraph b) (111) and (iv) the words "Article xx. Articl XXIV and Article XXV»,
The Central Bank of Malaysia Ordinance 1958 is amended Gonnta, amendments to F.M.
(a) substituting for subsection (1) of section 19 the Ordinance following new subsection- 61/58 "(1) The parity of the ringgit shall be determined by the Minister on the recommendation of the Bank in terms either of the currency or currencies of other members of the international Monetary Fund, the Special Drawing Right, the common denominator prescribed by the International Monetary Fund under paragraph 1 of Schedule C to the Articles of Agreement of the International Monetary Fund, or any other denominator consistent with the obligations of Malaysia under Article IV and Schedule C to the Articles of Agreement of the International Monetary Fund: Provided that if and when the Bank notifies the International Monetary Fund of the parity of the ringgit upon the International Monetary Fund • deciding under the Articles of Agreement to introduce a widespread system of exchange arrangements based on stable but adjustable par values, such parity shall be published in the Gazette and shall take eftect accordingly."; ib) substituting for the words "Notwithstanding subsection (1), the" appearing in subsection (2) of section 19 the word "The"
(c) substituting for the words "mentioned in" appearing in subsection (3) of section 19 the words "gazettec under";
IS.6]
(d) adding immediately after subsection (3) of section 19 the following new subsection- "(4) Notwithstanding subsection (1), the Minister may decide on the recommendation of the Bank that it is necessary and expedient for Malaysia not to determine a parity for the ringgit, but instead to apply any exchange arrangement for the ringgit that is not inconsistent with the. Articles of Agreement of the International Monetary Fund, including, but not limited to, the severing of the parity of the ringgit to any currency or currencies or any denominator.";
(e) substituting for the proviso appearing in section 21 the following new proviso- , "Provided that the rate of exchange quoted for any such transaction shall be consistent with the Articles of Agreement of the International Monetary Fund.",
(f) substituting for the words "section 5" appearing in paragraph (oo) (111) of subsection (1) of section 30 the words "section 4";
(g) adding immediately after paragraph (oo) (v) of subsection (1) of section 30 "the following new paragraph— "(vi) exchange, if requested by other members of the International Monetary Fund at the time of purchase, balances of Malaysian currency purchased by other members from the International Monetary Fund, or obtained by other members in exchange for currency purchased from the International Monetary Fund, for a freely usable currency (defined in Article XXX (f) of the Articles of Agreement of the International Monetary Fund) selected by the Bankat an exchange rate between the ringgit and that currency as may be consistent with section 7 (a) of Article XIX of the Articles of Agreement of the International Monetary Fund;".
IS. 71 INTERNATIONAL MONETARY FUND (RATIFICATION OF SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT) ment) Act 1969, shall be read subject to the provisions of this Act. : KUAL.A LUMPUR DICETAX OLEH KETUA PENGARAII PERCETAKAN DAN DITERBITKAN DENGAN PERINTAII PADA SuD JUN 1977 Harga: 50 sen
s 7IS. 71 KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN KEDUA KEPADA PERKARA-PERKARA PERJANJIAN)Open ↗
Peruntukan-peruntukan Ordinan Perjanjian Bretton berhubung Woods 1957, dan Akta Kumpulan Wang Antarabangsa (Pengesahan Pındaan Perkara-perkara Perjanjian) 1969 hendaklah dibaca tertakluk kepada peruntukan-peruntukar Akta ini. KUMA LUMPUR DICETAK OLEI KETUA PENGARAII PERCETAKAN DAN DITERBITKAN DENGAN P'ERINTALI PADA 9L JUN 1977 Harga: 50 sen
Cite this legislation
- Official citation
- Act 184
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) ↗
International Monetary Fund (Ratification of Second Amendment to the Articles of Agreement) Act 1977 [Act 184] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-184
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).