Loan (International Tin Buffer Stock) Act 1971

Original Language Title: Loan (International Tin Buffer Stock) Act 1971

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041b.fm 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 LOAN ACT 41 Act 2006 (INTERNATIONAL TIN BUFFER STOCK) 1971 Contains all amendments to 1 January 2006 041b.fm Page 1 Monday, March 27, 2006 6:46 PM PREPARED for PUBLICATION by the MALAYAN LAW JOURNAL SDN BHD and PRINTED by PERCETAKAN NASIONAL MALAYSIA BERHAD KUALA LUMPUR BRANCH 2006 2 ACT LOANS (INTERNATIONAL TIN BUFFER STOCK) 1971 Royal Assent Date......... August 30, 1971, the date of publication in the Gazette of ... ... more 2 September 1971 REPRINT BEFORE Reprinting the first......... 1993 Reprint the second......... 1999 041b.fm Page 2 Monday, March 27, 2006 6:46 PM 3 laws of MALAYSIA Act 41 LOAN ACT (BUFFER STOCK ARRANGEMENT of SECTIONS TIN international) 1971 section 1. Short title and commencement 2. Interpretation 3. Power to obtain loan 4. The loan shall be charged to the consolidated fund 5. Using loans 6. Repay the loan 041b.fm Page 3 Monday, March 27, 2006 6:46 PM 041b.fm Page 4 Monday, March 27, 2006 6:46 PM 5 laws of MALAYSIA Act 41 LOAN ACT (INTERNATIONAL TIN BUFFER STOCK) 1971 an act to allow money of no more than ninety-two million dollars borrowed to finance the payment of part of the Buffer Stock which will be set up under article 20 of the International Tin Agreement 1971 , and for purposes incidental thereto.
[Throughout Malaysia — 1 July 1971]
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 and commencement 1. This Act may be cited as the loan Act (International Tin Buffer Stock) 1971, and shall be deemed to have come into operation on 1 July 1971.
Interpretation 2. In this Act, unless the context otherwise requires — "Minister" means the Minister currently responsible for finance;
"Compact Tin" has the meaning given to the term by the Tin Control Act 1954 [Act 362];
"Buffer Stock" means the buffer Stocks established under Article 20 of the International Tin Agreement 1971;
041b.fm Page 5 Monday, March 27, 2006 6:46 PM 6 laws of Malaysia ACT 41 "Fourth Buffer Stocks" means the Buffer Stock will be set up under article 20 of the International Tin agreement in 1971.
The power to obtain loans 3. (1) subject to this Act, the Minister allowed, over time, earn money from within or outside of Malaysia, all of which are of no more than ninety-two million dollars.
(2) all money obtained under this Act shall be obtained with loans, from within or outside of Malaysia, and upon such terms and conditions as the Minister thinks fit.
The loan shall be charged on the Consolidated Fund 4. Money trees obtained under this act as well as all the interest charged on the consolidated fund.
Using loan 5. Money obtained under this Act shall be used and allocated for the purpose of paying the contribution of Malaysia to Fourth Buffer Stock; and the Minister may use any of the money to buy the metal tin as far as Malaysia required or allowed to contribute to the buffer stock of tin metal in the fourth.
Repay the loan 6. (1) Notwithstanding the provisions of subsection 13 (2) of the financial Procedure Act 1957 [Act 61], money obtained under this Act and the interest payable thereon shall be repaid from revenues of any levy payable on a compact Tin mined in Malaysia and imposed expressly for this purpose.
(2) if all of the money obtained under this Act and the interest payable thereon are not repayable in 041b.fm Page 6 Monday, March 27, 2006 6:46 PM Loans (International Tin Buffer Stock) 7 the next two year FD da r i t t a r t very Pe r ikh j an h i an T imah International 1971 the Minister shall assign from the Consolidated Fund and reimburse the unpaid amounts of money and the interest payable thereon.
041b.fm Page 7 Monday, March 27, 2006 6:46 PM 8 laws of MALAYSIA Act 41 LOAN ACT (INTERNATIONAL TIN BUFFER STOCK) 1971 LIST OF AMENDMENTS LIST SECTION AMENDED laws that amend the short title effect from the – no-section Power amend with effect from – no – 041b.fm Page 8 Monday, March 27, 2006 6:46 PM