(1) This Act may be cited as the International Fund for Agricultural Development Act 1992.
(2) This Act shall apply throughout Malaysia.
Act 483
International Fund for Agricultural Development Act 1992
Akta tabung antarabangsa bagi pembangunan pertanian 1992
An Act to enable Malaysia to become a member of the International Fund for Agricultural Development by acceptance of the Agreement Establishing the International Fund for Agricultural Development.
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, unless the context otherwise requiresβ
βAgreementβ means the Agreement Establishing the International Fund for Agricultural Development as adopted by the United Nations Conference on the Establishment of an International Fund for Agricultural Development on 13 June 1976 in Rome, and whereby a copy of the text was laid before the Dewan Rakyat as Statute Paper No. 147 of 1991;
βfreely convertible currencyβ means such currency as is deemed to be freely convertible in accordance with Article I(d) of the Agreement;
Laws of Malaysia A CT 483
βFundβ means the International Fund For Agricultural Development established by the Agreement.
The Yang di-Pertuan Agong may, by instrument under his hand, empower such person as may be named in such instrument, on behalf of the Government of Malaysiaβ
(a) to sign the Agreement; and
(b) to deposit with the Fund an instrument of acceptance of the Agreement setting forth that the Government of Malaysia has accepted the Agreement in accordance with its law and has taken all steps necessary to enable the Government of Malaysia to carry out all of its obligations under the Agreement.
(1) There shall be charged on the Consolidated Fund such part of the contribution of Malaysia to the Fund pursuant to section 3 of Article 4 of the Agreement as may, in accordance with section 5 of Article 4 of the Agreement, be payable in freely convertible currency or in Malaysian currency.
(2) Subject to section 5, there shall be charged on the Consolidated Fund such part of any increase in the contribution of Malaysia to the Fund as may, pursuant to section 4 of Article 4 of the Agreement, be payable in freely convertible currency or in Malaysian currency.
Whenever any increase in the contribution of Malaysia to the Fund is authorized pursuant to section 4 of Article 4 of the Agreement, no amount shall be contributed in respect thereof except with the prior approval, signified by resolution, of the Dewan Rakyat.
The Minister of Finance may, on behalf of the Government, create and issue to the Fund, in such form as he thinks fit, any such non-negotiable and non-interest bearing notes or similar obligations as the Fund mayβ
(a) accept from the Government in place of any Malaysian currency paid or payable by the Government under section 5(b) of Article 4 of the Agreement or under section 5(c) of Article 4 of the Agreement; or
(b) pursuant to section 4 of Article 4 of the Agreement determine to accept in place of any Malaysian currency in relation to any increase in the contribution of Malaysia to the Fund.
There shall be charged on the Consolidated Fundβ
(a) all sums payable to the Fund by Malaysia under section 2(b) of Article 5 of the Agreement (which relates to valuation of currencies);
(b) all sums required for the redemption of any notes or obligations created and issued to the Fund under section 6;
(c) any sum due to the Fund by Malaysia under section 3 of Article 9 of the Agreement (which relates to the rights and duties of States ceasing to be members of the Fund).
All moneys received by or on behalf of the Government of Malaysia from the Fund shall be paid into the Consolidated Fund.
(1) The Yang di-Pertuan Agong may by order make such provisions as he may consider reasonably necessary for carrying into effect any of the provisions of the Agreement relating to the status, immunities and privileges of the Fund and their respective governors, executive directors, alternates, officers and employees.
(2) Without prejudice to the generality of the provisions of subsection
(1), any order made under the subsection may declare that any specified provisions of the Agreement shall have the force of law in Malaysia.
Cite this legislation
- Official citation
- Act 483
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) β
International Fund for Agricultural Development Act 1992 [Act 483] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-483
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).