International Monetary Fund (Ratification Of Amendments To The Articles Of Agreement) Act 1969

Original Language Title: International Monetary Fund (Ratification of Amendments to the Articles of Agreement) Act 1969

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Act 12.fm of law REPRINT MALAYSIA PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 in COLLABORATION with MALAYAN LAW JOURNAL SDN BHD and PERCETAKAN NASIONAL MALAYSIA BHD 2006 Act 12 INTERNATIONAL FUND ACT (CONFIRMATION OF AMENDMENTS to the articles of AGREEMENT) 1969 Contains all amendments to 1 January 2006 Act 12.fm Page 1 Monday, March 27 , 2006 12:49 PM PREPARED for PUBLICATION by the MALAYAN LAW JOURNAL SDN BHD and PRINTED by PERCETAKAN NASIONAL MALAYSIA BERHAD KUALA LUMPUR BRANCH INTERNATIONAL FUND ACT 2006 2 (CONFIRMATION OF AMENDMENTS to the articles of AGREEMENT) 1969 date of Assent............ 22 April 1969 date of publication in the Gazette......... 1 May 1969 REPRINT BEFORE Reprinting The first ... ... more 1992 the second Reprint of ... ... more 1999 Act 12.fm Page 2 Monday, March 27, 2006 12:49 PM 3 laws of MALAYSIA Act 12 INTERNATIONAL FUND ACT (VERIFICATION AMENDMENT ORDER matters AGREEMENT SECTION) 1969 section 1. Short title 2. Interpretation 3. Consent to confirm amendments to the articles of agreement of the Fund and participate in the special drawing Account 4. Payment and acceptance in relation to the special drawing Account 5. The power of the Government to provide the rights and obligations under the special drawing Account to Bank Negara Malaysia 6. Act in relation to the Act 12.fm Act 472 Page 3 Monday, March 27, 2006 12:49 PM Act 12.fm Page 4 Monday, March 27, 2006 12:49 PM 5 laws of MALAYSIA Act 12 INTERNATIONAL FUND ACT (CONFIRMATION OF AMENDMENTS to the articles of AGREEMENT) 1969 an act to provide for confirm amendments to matters International Monetary Fund Agreement, in accordance with Resolution No. 23 — 5 approved by the Board of The International Monetary Fund , on 31 May 1968, and other matters relating thereto.
[Throughout Malaysia — 2 May 1969]
BE IT enacted by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: short title 1. This Act may be cited as the International Fund Act (confirmation of amendments to the articles of agreement) 1969.
Interpretation 2. In this Act — "special drawing Account" means an account that ran through the Fund will do all the activities and arrangements of special drawing rights to be established under the articles of agreement as amended;
Act 12.fm Page 5 Monday, March 27, 2006 12:49 PM 6 laws of Malaysia ACT 12 "International Monetary Fund" (hereinafter called "the Fund") means the International Monetary Fund that Malaysia becomes a member by virtue of section 3 of the Bretton Woods Agreement Act 1957 [Act 472] *;
"The agreement matters" means matters of the Fund Agreement.
Consent to confirm amendments to the articles of agreement of the Fund and participate in the special drawing Account 3. The Yang di-Pertuan Agong may by written instrument signed by him to authorize any person who dinamakannya in a letter that way — (a) for agrees on behalf of Malaysia amendment to Agreement the Fund attached to the report of the April 1968 by the Executive Director of the Board of Governors of the Fund, for the purposes of — (i) to establish a new facility based on the k e p a d a H a k P e n g e l a u r a n K h a s d a l a m of the Fund; and (ii) give effect to certain changes in the rules and practice of the Fund; and (b) for deposit on behalf of the Fund with an instrument which stated that the Government, in accordance with the law in Malaysia, the menyanggupi obligations of a participant in the special drawing Account established by the Fund under this amendment and that the Government has taken all necessary measures to enable it to carry out these obligations.
* NOTE — 472 Act was first enacted as Bretton Woods Agreement Ordinance 1957 [Ord. No. 75 1957] and reviewed as Act 472 m.b.p. 16 September 1991 Act 12.fm Page 6 Monday, March 27, 2006 12:49 PM International Fund (confirmation of amendments to the articles of agreement) 7 Payment and acceptance in relation to the special drawing Account 4. (1) if the Philippines becomes a participant in the special drawing Account the following subsection shall become effective.
(2) special drawing rights assigned to Malaysia under Article XXIV matters Agreement as amended and the rights acquired by Malaysia otherwise, shall be credited to the Consolidated Fund of the Federation.
(3) all revenues arising from the use of special drawing rights by Malaysia, and the payment of interest to Malaysia under Article XXVI, XXX and XXXI matters Agreement as amended, shall i n k r e d i t h a n k e p a d a K u m p u la n W a n g Y a n g i n s a t u k a n Federation.
(4) payment of the currencies by Malaysia in consideration of special drawing rights, and payment of charges or rates under Article XXVI, XXX and XXXI matters Agreement as amended, shall be charged to the Consolidated Fund of the Federation.
The power of the Government to provide the rights and obligations under the special drawing Account to Bank Negara Malaysia 5. (1) the Yang di-Pertuan Agong may, if it thinks expedient, by giving the Central Bank the power to exercise their rights and meet their obligations, namely, the rights and obligations arising from an instrument deposited with the Fund under paragraph 3 (b).
(2) where an order made under subsection (1) — (a) the rights and obligations shall, notwithstanding the provisions of Bank of Malaysia Act 1958 [Act 519] *, be deemed to have rights and obligations of Bank Negara Malaysia and section 4 shall * NOTE — Act 519 was first made as the Central Bank Ordinance 1958 [Ord. No. 61 1958] and reviewed as Act 519 m.b.p. 18 May 1994 Act 12.fm Page 7 Monday , March 27, 2006 12:49 PM 8 laws of Malaysia ACT 12 cease to apply to the Consolidated Fund of the Federation; and (b) without prejudice to any other powers of the Central Bank as provided in Bank of Malaysia Act 1958, Bank Negara Malaysia has the following powers, namely: (i) receive for his account on his own, special drawing rights assigned to Malaysia under article XV matters Agreement as amended and the rights d ipe ro VA. o consequences of Malays it otherwise;
(ii) submission of special drawing rights in reserves assets outside the country to be held in accordance with section 28 Bank of Malaysia Act 1958;
(iii) receive for his account on his own, all the result of y a n g t e r b i t d a r i p a d a p e n g g u n a a n k H a P e n g e l a u r a n K h a s e h o l M a l a y s i a d a n payment flowers to Malaysia under article XX , XXIV and XXV SURVEY GAMES matters Agreement as amended; and (iv) pay with currency in return for special drawing rights and the payment of charges or assessment under article XX, XXIV and XXV SURVEY GAMES matters Agreement as amended.
Act in connection with the Act 472 6. Bretton Woods Agreements Act 1957 shall be read subject to this Act.
Act 12.fm Page 8 Monday, March 27, 2006 12:49 PM 9 laws of MALAYSIA Act 12 INTERNATIONAL FUND ACT (CONFIRMATION OF AMENDMENTS to the articles of AGREEMENT) 1969 LIST AMENDMENT of laws that amend the short title of the Act with effect from International Monetary Fund Act 184 (confirmation of the Second Amendment to Agreement) 1977 10-06-1977 Act 12.fm Page 9 Monday, March 27, 2006 12:49 PM 10 laws of MALAYSIA Act 12 INTERNATIONAL FUND ACT (CONFIRMATION OF AMENDMENTS to the articles of AGREEMENT) 1969 LIST SECTION AMENDED Section Power amend with effect from 5 Act 184 10-06-1977 Act 12.fm Page 10 Monday, March 27, 2006 12:49 PM