(1) This Act may be cited as the Asian Infrastructure Investment Bank Act 2017.
(2) This Act comes into operation on the date the Agreement comes into operation for the Government of Malaysia pursuant to Article 58 of the Agreement.
Act 786
Asian Infrastructure Investment Bank Act 2017
Akta bank pelaburan infrastruktur asia 2017
An Act to give effect to an international agreement for the establishment and operation of the Asian Infrastructure Investment Bank and to enable the Government of Malaysia to be a member thereof and to make provisions for matters connected therewith.
Data synced
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—
“member” means a member of the Bank;
“Bank” means the Asian Infrastructure Investment Bank established under the Agreement;
“Government” means the Government of Malaysia;
“Minister” means the Minister charged with the responsibility for finance;
“Agreement” means the Asian Infrastructure Investment Bank Articles of Agreement for the establishment and operation of the Asian Infrastructure Investment Bank signed by the Government in Beijing, China on 21 August 2015, as amended from time to time.
(1) Notwithstanding anything to the contrary in any other law, the provisions of the Agreement set out in the Schedule shall have the force of law in Malaysia.
(2) Nothing in Article 51 of the Agreement shall be construed as—
(a) entitling the Bank to import into Malaysia goods free of any customs duty without any restriction on their subsequent sale in Malaysia;
(b) conferring on the Bank any exemption from taxes or duties which form part of the price of goods sold or services supplied; or
(c) conferring on the Bank any exemption from taxes or duties which are no more than charges for services rendered.
(3) The Minister may, by order published in the Gazette, amend the Schedule in conformity with any amendments to the provisions of the Agreement set out in the Schedule which may subsequently be made and adopted.
The Bank may waive any of the privileges, immunities and exemptions conferred under Chapter IX of the Agreement in any case or instance, in such manner and upon such conditions as it may determine to be appropriate in the best interests of the Bank.
The Minister is authorized to subscribe on behalf of the Government—
(a) to shares of the original authorized capital stock of the Bank in accordance with paragraph 1 of Article 5 of the Agreement to an amount not exceeding one hundred and nine million and five hundred thousand United States dollars;
(b) where the shares of the Government have been increased at the request of the Government under paragraph 3 of Article 5 of the Agreement, to the amount of such increase; and
(c) where the original authorized capital stock of the Bank is increased under paragraph 4 of Article 5 of the Agreement, to a proportion of the increase of stock as provided in that paragraph.
(1) There shall be charged on the Consolidated Fund—
(a) all sums payable to the Bank by way of subscription to its capital stock under and in accordance with the method of payment thereof as provided in Article 6 of the Agreement;
(b) all sums payable to the Bank by way of subscription to its callable capital stock as and when required by the Bank under paragraph 3 of Article 6 of the Agreement;
(c) all sums payable to the Bank by way of increased subscription by the Government to the Bank’s capital stock in accordance with paragraphs 3 and 4 of Article 5 of the Agreement; and
(d) all sums payable to the Bank under any other provisions of the Agreement.
(2) All sums charged on the Consolidated Fund under this section shall be paid in United States dollars.
(1) The Minister may issue to the Bank in such form as he thinks fit any promissory notes or other obligations, in lieu of the amount to be paid in the Malaysian currency, provided that such amount is not required by the Bank for the conduct of its operations.
(2) Such notes or obligations issued shall be non-negotiable, non-interest bearing and payable to the Bank at par value upon demand.
All sums received by or on behalf of the Government from the Bank shall be paid into the Consolidated Fund.
The Minister may make regulations for the purpose of carrying out the provisions of this Act.
Schedule
[Section 3]
Cite this legislation
- Official citation
- Act 786
- Source
- lom.agc.gov.my
- Data synced
- Licence
- Official text, free to reproduce (Copyright Act 1987 [Act 332] s 3) ↗
Asian Infrastructure Investment Bank Act 2017 [Act 786] (Laws of Malaysia, lom.agc.gov.my). Retrieved via LawPlayer, https://lawplayer.com/my/act/act-786
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).