This Act may be cited as the Loan (International Tin Buffer Stock) Act 1971 and shall be deemed to have come into force on 1 July 1971.
Act 41
Loan (International Tin Buffer Stock) Act 1971
Akta pinjaman (stok penimbal timah antarabangsa) 1971
An Act to authorize the borrowing of a sum not exceeding the sum of ninety-two million ringgit in order to finance the payment of Malaysia’s share in the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971, and for purposes incidental thereto.
Data synced
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
SectionsClick a number to jump; hover to preview the headingTap a number to jump to that section
In this Act unless the context otherwise requires— “Buffer Stock” means the Buffer Stock established under Article 20 of the International Tin Agreement 1971; “Fourth Buffer Stock” means the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971; “Minister” means the Minister for the time being charged with responsibility for finance; “tin concentrates” has the meaning assigned to the term by the Tin Control Act 1954 [Act 362].
Laws of Malaysia A CT 41
(1) The Minister is authorized, subject to this Act, from time to time to raise within or outside Malaysia a sum of money not exceeding in the whole the sum of ninety-two million ringgit.
(2) All moneys raised under this Act shall be raised by way of loans, within or outside Malaysia, and upon such terms and conditions as the Minister may think fit.
The principal moneys raised under this Act together with all interest thereon are charged on the Consolidated Fund.
The moneys raised under this Act shall be applied and are appropriated for the purposes of paying Malaysia’s contribution to the Fourth Buffer Stock; and the Minister may apply any of such moneys to the purchase of tin metal to the extent that Malaysia is required or permitted to contribute tin metal to the Fourth Buffer Stock.
(1) Notwithstanding subsection 13(2) of the Financial Procedure Act 1957 [Act 61], sums raised under this Act together with interest due thereon shall be repaid from the proceeds of any levy payable on tin concentrates mined in the Federation and imposed expressly for this purpose.
(2) If the whole sum raised under this Act together with interest due thereon has not been repaid within two years from the date of expiry of the International Tin Agreement 1971 the Minister shall appropriate out of the Consolidated Fund and repay the sum outstanding together with interest due thereon.
Cite this legislation
- Official citation
- Act 41
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) ↗
Loan (International Tin Buffer Stock) Act 1971 [Act 41] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-41
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).