International Monetary Fund (Ratification of Second Amendment to the Articles of Agreement) Act 1977 s 6
International Monetary Fund (Ratification of Second Amendment to the Articles of Agreement) Act 1977 s 6
Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 6
The Central Bank of Malaysia Ordinance 1958 is amended Gonnta, amendments to F.M.
(a) substituting for subsection (1) of section 19 the Ordinance following new subsection- 61/58 "(1) The parity of the ringgit shall be determined by the Minister on the recommendation of the Bank in terms either of the currency or currencies of other members of the international Monetary Fund, the Special Drawing Right, the common denominator prescribed by the International Monetary Fund under paragraph 1 of Schedule C to the Articles of Agreement of the International Monetary Fund, or any other denominator consistent with the obligations of Malaysia under Article IV and Schedule C to the Articles of Agreement of the International Monetary Fund: Provided that if and when the Bank notifies the International Monetary Fund of the parity of the ringgit upon the International Monetary Fund • deciding under the Articles of Agreement to introduce a widespread system of exchange arrangements based on stable but adjustable par values, such parity shall be published in the Gazette and shall take eftect accordingly."; ib) substituting for the words "Notwithstanding subsection (1), the" appearing in subsection (2) of section 19 the word "The"
(c) substituting for the words "mentioned in" appearing in subsection (3) of section 19 the words "gazettec under";
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(d) adding immediately after subsection (3) of section 19 the following new subsection- "(4) Notwithstanding subsection (1), the Minister may decide on the recommendation of the Bank that it is necessary and expedient for Malaysia not to determine a parity for the ringgit, but instead to apply any exchange arrangement for the ringgit that is not inconsistent with the. Articles of Agreement of the International Monetary Fund, including, but not limited to, the severing of the parity of the ringgit to any currency or currencies or any denominator.";
(e) substituting for the proviso appearing in section 21 the following new proviso- , "Provided that the rate of exchange quoted for any such transaction shall be consistent with the Articles of Agreement of the International Monetary Fund.",
(f) substituting for the words "section 5" appearing in paragraph (oo) (111) of subsection (1) of section 30 the words "section 4";
(g) adding immediately after paragraph (oo) (v) of subsection (1) of section 30 "the following new paragraph— "(vi) exchange, if requested by other members of the International Monetary Fund at the time of purchase, balances of Malaysian currency purchased by other members from the International Monetary Fund, or obtained by other members in exchange for currency purchased from the International Monetary Fund, for a freely usable currency (defined in Article XXX (f) of the Articles of Agreement of the International Monetary Fund) selected by the Bankat an exchange rate between the ringgit and that currency as may be consistent with section 7 (a) of Article XIX of the Articles of Agreement of the International Monetary Fund;".
IS. 71 INTERNATIONAL MONETARY FUND (RATIFICATION OF SECOND AMENDMENT TO THE ARTICLES OF AGREEMENT) ment) Act 1969, shall be read subject to the provisions of this Act. : KUAL.A LUMPUR DICETAX OLEH KETUA PENGARAII PERCETAKAN DAN DITERBITKAN DENGAN PERINTAII PADA SuD JUN 1977 Harga: 50 sen
Malay text (authoritative)
Ordinan Bank Negara Malaysia 1958 adalah dipinda— Pindaan-
(a) dengan menggantikan seksyen-kecil (1) seksyen 19 berbangkit dengan seksyen-kecil baru yang berikut- Ordinan P.T.M. "(1) The parity of the ringgit shall be deter- 61/58. mined by the Minister on the recommendation of the Bank in terms either of the currency or currencies of other members of the International Monetary Fund, the Special Drawing Right, the common denominator prescribed by thę International Monetary Fund under paragraph 1 of Schedule C to the Articles of Agreement of the International Monetary Fund, or any other : denominator consistent with the obligations of Malaysia under Article IV and Schedule C to the Articles of Agreement of the International Monetary Fund: Provided that if and when the Bank notifies the International Monetary Fund of the parity f the ringgit upon the International Monetar 'und deciding under the Articles of Agreemen to introduce a widespread system of exchange arrangements based on stable but adjustable par values, such parity shall be published in the Gazette and shall take effect accordingly."
(b) dengan menggantikan perkataan-perkataan "Notwithstanding sub-section (1), the yang terdapat dalam seksyen-kecil (2) seksyén 19 dengan perkataan !
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(c) dengan menggantikan perkataan-perkataan "mentioned in" yang terdapat dalam "seksyen-kecil (3) seksyen 19 dengan perkataan-perkataan "gazettec under"; () dkt slepas sanbga sekyexel () seksyem 1, ber- "(4) Notwithstanding subsection (1), the Minister may decide on the recommendation of the - Bank that it is necessary and expedient for Malaysia not to determine a parity for the ringgit, but instead to apply any exchange arrangemen ror the ringgit that is not inconsistent with th Articles Monetary Fund, including, but not limited to, the severing of the parity of the ringgit to any " currency or currencies or any denominator.";
(e) dekyen z2i deagank proriso boara yler derik dalam any suci erd thact ton saal ote consintent ed tee Articles of Agreement of the International Monetary Fund.";
(f) dengan menggantikan perkataan-perkataann "section 5" yang terdapat dalam perenggan (oo) (iii) seksyenkecil (1) seksyen 30 dengan perkataan-perkataan "section 4"; dan
(g) dengan menambah perenggan baru yang berıkut selepas sahaja perenggan (oo) (v) seksyen-kecil (1) seksyen 30— "(vi) exchange, if requested by other members of the International Monetary Fund at the time of purchase, balances of Malaysian currency ourchased by other members from the interna ional Monetary Fund, or obtained by othe members in exchange for currency purchased from the International Monetary Fund, for a of the Articles of Agreement of the International Monetary Fund) selected by the Bank at an exchange rate between the ringgit and that currency as may be consistent with section 7 (a) of Article XIX of the Articles of Agreement of the International Monetary Fund;".
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).
