This Act may be cited as the Loan Guarantee Act 1972.
Act 66
Loan Guarantee Act 1972
Akta jaminan pinjaman 1972
Text recovered by OCR from a scanned copy β section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
An Act to provide for the application of certain provisions of the Loans (Asian Development Bank) Act 1968 [Act 410], to a guarantee by the Federation of a loan by the Asian Development Bank to Malaysian Industrial Development Finance Limited 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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(1) The following provisions of the Loans (Asian Development Bank) Act 1968, namely:
(a) section 7 (which authorizes the Government to give guarantees and undertakings with respect to borrowings by statutory authorities from the Asian Development Bank); and
(b) so far as they relate to guarantees and undertakings by the Government, sections 11 and 12 (which contain supplementary provisions for the implementation, among other things, of any such guarantee or undertaking), save that for the words β1950β in subsection 12(5), there shall be substituted therefor the words β1960β,
shall apply in relation to any borrowing from that Bank by the company called Malaysian Industrial Development Finance
Laws of Malaysia A CT 66
Limited as if the company were a statutory authority within the meaning of that Act, and the borrowing were made under subsection 5(1) of that Act.
(2) If any sum is paid out of the Consolidated Fund in respect of any liability incurred by the Government by virtue of subsection (1), the Minister shall as soon as possible beginning with the sitting of the House of Representatives immediately after any such sum was paid and ending with that in which all liability in respect thereof and any interest payable thereon is finally discharged by the company, lay before the House of Representatives at each of its sittings a statement relating thereto.
(3) Paragraph 12(2)(a) and (b) (which provides for exemptions from taxation and from exchange control) shall also apply in relation to any agreement concluded, whether before or after the passing of this Act, with the Bank by the company, with the approval of the Government, in respect of any borrowing by the company from the Bank, and to any bond, promissory note or instrument issued by the company pursuant to any such agreement, as they apply to the agreements and instruments there mentioned.
The agreement of guarantee heretofore concluded between the Government in the name of the Federation and the Bank is hereby ratified and validated in all respects and shall have effect for all purposes as if the provisions of this Act had been in force on such date and the said agreement had been duly concluded and executed in exercise of the powers conferred by or under this Act.
If a resolution be passed by the House of Representatives that section 2 of this Act shall apply to any company, as they apply to the Malaysian Industrial Development Finance Limited, then the Minister may, by Order published in the Gazette, declare that the said provisions of the Act shall apply to that company.
Cite this legislation
- Official citation
- Act 66
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) β
Loan Guarantee Act 1972 [Act 66] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-66
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).