This Act may be cited as the Statutory Bodies (Power to Borrow) Act 1999.
Act 598
Statutory Bodies (Power to Borrow) Act 1999
Akta badan berkanun (kuasa meminjam) 1999
An Act to regulate the exercise of the power to borrow by all statutory bodies established by federal law and by all companies and corporations established by the statutory bodies, and for matters connected therewith.
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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 requiresโ
โcompanyโ means a company incorporated under subsection 4(1) of the Companies Act 1965 [Act 125] by a statutory body pursuant to the powers conferred upon the statutory body under the federal law by which it was established;
โcorporationโ means a corporation established by a statutory body pursuant to the powers conferred upon the statutory body under the federal law by which it was established;
โMinisterโ, in relation to a statutory body, means the Minister for the time being responsible for the statutory body;
โstatutory bodyโ means any body that is established by federal law.
(1) This Act shall apply to all statutory bodies and all companies and corporations established by the statutory bodies.
(2) The provisions of this Act shall be read together and construed as one with the provisions of the federal law by which the statutory body or its corporation is established.
(1) In the event of any conflict or inconsistency between the provisions of this Act and those of the federal law by which the statutory body or its corporation is established, the provisions of this Act shall supersede the conflicting or inconsistent provisions of that federal law to the extent of the conflict or inconsistency.
(2) The provisions of any federal law which are consistent or not in conflict with the provisions of this Act shall continue to apply.
A statutory body, or a company or corporation established by a statutory body, shall not borrow money without the prior approval of the Minister and the Minister of Finance.
Cite this legislation
- Official citation
- Act 598
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) โ
Statutory Bodies (Power to Borrow) Act 1999 [Act 598] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-598
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).