Power to raise loan
(1) The Minister may from time to time raise, by the issue of stock in the manner provided in this Act, such sums of moneys as he may determine, provided that the total amount of such stock issued and not redeemed shall not exceed the sum of one hundred million ringgit at any one time.
(2) The loan hereby authorized shall be raised in Malaysia by the issue of registered stock under Part III.
(3) All stock issued under this Act shall be redeemable within a period not exceeding five years from the date of issue.
Application of loan
The moneys received for stock issued under this Act shall be applied, and are hereby appropriated, to the following purposes:
(a) meeting the expenses relating to the issue of stock or arising from the acceptance of advance deposits under Part V;
(b) payment, with the prior approval of the Dewan Rakyat signified by resolution, into the Development Fund specified in the Second Schedule to the Financial Procedure Act 1957 [Act 61], for the purposes of such fund; and
(c) redemption of stock issued under this Act, to such extent as the Minister may determine.
Charge of principal and interest
The principal moneys and interest represented by stock issued under this Act are charged upon and shall be payable out of the Consolidated Fund.
