Loans Guarantee (Bodies Corporate) Act 1965 s 10
s 10 Implementation of obligations under the agreement
(1) The Minister may provide by order published in the Gazette that any tax or duty payable under the Income Tax Act 1967 [Act 53], or the Stamp Act 1949 [Act 378], respectively, shall be remitted where such remission is necessary to give full and complete effect to any agreement, bond, promissory note, instrument or guarantee to which this Act applies.
(2) Nothing in the Exchange Control Act 1953 [Act 17], shall apply to any transaction required to effect payment in any currency of any sum in accordance with the terms of any such agreement, bond, promissory note, instrument or guarantee.
(3) Save as agreed to between the Minister and the authority from which the loan is raised, no lien on any of the assets of the body corporate shall be created as security for any debt unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal, interest and other charges on any loan, or any bonds, promissory notes or instruments issued pursuant to any loan, guaranteed under this Act.
(4) In subsection (3)—
“lien” includes mortgages, pledges, charges, privileges and priorities of any kind.
Malay text (authoritative)
Pelaksanaan obligasi di bawah perjanjian
(1) Menteri boleh memperuntukkan melalui perintah yang disiarkan dalam Warta bahawa apa-apa cukai atau duti yang kena dibayar masing-masing di bawah Akta Cukai Pendapatan 1967 [Akta 53], atau Akta Setem 1949 [Akta 378], hendaklah diremitkan jika peremitan itu perlu bagi memberikan kuat kuasa yang penuh dan sempurna kepada mana-mana perjanjian, bon, nota janji hutang, surat cara atau jaminan yang baginya Akta ini terpakai.
(2) Tiada apa-apa jua dalam Akta Kawalan Pertukaran Wang 1953 [Akta 17], boleh terpakai bagi apa-apa transaksi yang dikehendaki bagi melakukan pembayaran apa-apa jumlah wang dalam apa-apa mata wang mengikut terma mana-mana perjanjian, bon, nota janji hutang, surat cara atau jaminan itu.
(3) Kecuali sebagaimana yang dipersetujui antara Menteri dengan pihak berkuasa yang daripadanya pinjaman itu diperdapatkan, tiada lien atas mana-mana aset pertubuhan perbadanan itu boleh dijadikan cagaran bagi apa-apa hutang melainkan jika diperuntukkan dengan nyata bahawa lien itu akan ipso facto memastikan pembayaran sama rata dan mengikut kadar bagi wang pokok, bunga dan caj lain atas mana-mana pinjaman, atau mana-mana bon, nota janji hutang atau surat cara yang dikeluarkan menurut mana-mana pinjaman yang dijamin di bawah Akta ini.
(4) Dalam subseksyen (3)—
“lien” termasuklah apa-apa jua jenis gadai janji, sandaran, gadaian, keistimewaan dan keutamaan.
Read this section in the full act →
Find Act 96 on lom.agc.gov.my ↗
Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.
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).
