This Act may be cited as the Extended Credit Act 1966.
Act 405
Extended Credit Act 1966
Akta kredit lanjutan 1966
An Act to authorize the raising of loans outside Malaysia in the form of receiving goods or services and delaying the payment of the price therefor and the value of services together with interest thereon to some future dates and to provide for matters connected therewith.
Data synced
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
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For the purposes of this Act unless the context otherwise requiresโ
โextended credit arrangementโ means an arrangement whereby a party to the arrangement accepts goods or services from another party and is allowed under the terms of the arrangement to delay payment of the price for the goods so accepted and the value of the services rendered together with interest thereon (if any) to some future dates;
โMinisterโ means the Minister of Finance.
Laws of Malaysia ACT 405
(1) Subject to the Federal Constitution and this Act, the Minister may from time to time for the purposes of the Development Fund or some one or more of those purposes enter into extended credit arrangements outside Malaysia and may, for the purpose of giving effect to the terms of any extended credit arrangement so entered intoโ
(a) issue such bonds, promissory notes or other instruments on such terms and conditions as to repayment, redemption or other matters (including provision for the sinking fund) as may be determined by or with the authority of the Minister; and
(b) from time to time pay by way of instalments the price for goods received or the value of services rendered and interest chargeable thereon in accordance with the extended credit arrangements.
(2) For the purpose of section 2 of the *Development Fund Ordinance 1958 [Ord. 18 of 1958], the price for goods received or the value of services rendered under any extended credit arrangement entered in pursuance of this section shall be treated as moneys.
(3) The price for goods received and the value of services rendered under the terms of extended credit arrangements entered into under this section shall not in the aggregate exceed the sums specified from time to time by the Yang di-Pertuan Agong by order published in the Gazette and such order shall as soon as possible after its publication be laid by the Minister before the Dewan Rakyat.
(3A) Any agreement entered into in respect of any extended credit arrangements under the powers conferred by subsection (1) shall be made in the name of the Federation and may be signed on behalf of the Federation by the Minister or by any person authorised thereto in writing by the Minister.
(4) Any agreement entered into in respect of any extended credit arrangements under the powers conferred by subsection (1) shall be made in the name of Malaysia and may be signed on behalf of Malaysia by the Minister or by any person authorized thereto in writing by the Minister.
*NOTEโThe Development Fund Ordinance 1958 [Ord. 18 of 1958] has since been repealed by the Development Funds Act 1966 [Act 406]โsee section 10 of Act 406.
(1) Subject to this Act but notwithstanding anything contained in any other existing law any extended credit arrangement entered into under section 3 and any bond, promissory note or other instrument issued pursuant to such arrangement and any guarantee or undertaking given in respect of any such arrangement, bond, promissory note or instrument by the Minister shall be valid and enforceable and have full force and effect in Malaysia in accordance with their respective terms.
(2) Without prejudice to the generality of subsection (1), the Minister may by order published in the Gazetteโ
(a) provide that any tax or duty payable under any written law relating to income tax or stamp duty respectively shall be remitted where such remission is necessary to give full and complete effect to any such arrangement, bond, promissory, note, instrument or guarantee; and
(b) give such exemptions from exchange control as he considers necessary to any transaction required to give effect to the payment of any sum in accordance with the terms of any such arrangement, bond, promissory note, instrument or guarantee notwithstanding the provisions of any written law relating to exchange control.
Cite this legislation
- Official citation
- Act 405
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) โ
Extended Credit Act 1966 [Act 405] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-405
This text is synced from lom.agc.gov.my. In case of any discrepancy, the official version 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).