Housing Loans Fund Act 1971

Original Language Title: Housing Loans Fund Act 1971

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042b.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 2006 Act 42 HOUSING LOAN FUND ACT 1971 Contains all amendments to 1 January 2006 042b.fm Page 1 Monday, March 27, 2006 6:37 PM PREPARED for PUBLICATION by the MALAYAN LAW JOURNAL SDN BHD and PRINTED by PERCETAKAN NASIONAL MALAYSIA BERHAD KUALA LUMPUR BRANCH FUND ACT 2006 2 The HOUSING LOAN FUND Act 1971 date of Assent......... August 30, 1971, the date of publication in the Gazette of ... ... more 2 September 1971 REPRINT BEFORE Reprinting The first ... ... more 1993 the second Reprint of ... ... more 1999 042b.fm Page 2 Monday, March 27, 2006 6:37 PM 3 laws of MALAYSIA Act 42 LOAN FUND ACT 1971 HOUSING ARRANGEMENT of SECTIONS part I preliminary section 1. Short title PART II AUTHORIZATION of LOANS 2. Authority to obtain loans 3. The loan shall be charged to the consolidated fund PART III the USE of the LOAN 4. The Housing Loan Fund 4A. The Minister may authorize the payment of 5. The use of money Fund 6. Repayment of loans 7. Minister may issue instructions of PART IV of the HOUSING LOAN FUND STATE 8. The housing loan fund State 042b.fm Page 3 Monday, March 27, 2006 6:37 PM 4 laws of Malaysia ACT 42 part V GENERAL section 9. Repeal SCHEDULE 042b.fm Page 4 Monday, March 27, 2006 6:37 PM 5 laws of MALAYSIA Act 42 HOUSING LOAN FUND ACT 1971, an act to authorize so that some amount of money obtained as a loan for the purposes of Federal Housing Loan Fund and to make provision in respect of the financial arrangements of the Housing Loan Fund federal and State.
[Throughout the country — 3 September 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: part I preliminary short title 1. This Act may be cited as the Housing Loan Fund Act 1971.
PART II AUTHORIZATION of LOAN authority to obtain loans 2. (1) the Minister of finance is authorized, subject to the provisions of this Act, to get some amount of money from time to time within or outside Alliances for the purpose of Federal Housing Loan Fund.
042b.fm Page 5 Monday, March 27, 2006 6:37 PM 6 laws of Malaysia ACT 42 (2) the amount of money claimed under this Act can be obtained — (a) from any source under any arrangement and upon such terms and conditions as may be imposed by the Minister of finance; and (b) through the provision by way of grant or money transfers made in accordance with the Development Fund Act 1966 [Act 406] from the Development Fund specified in the second schedule of the financial Procedure Act 1957 [Act 61] to Fund Federal housing loans, subject to such terms and conditions as may be imposed by the Minister of finance.
The loan shall be charged to the consolidated fund 3. Money trees obtained under this act together with all interest thereon being charged to the consolidated fund.
PART III The USE Of The LOAN Fund Housing Loans 4. Subject to section 4A, shall be paid into the Housing Loan Fund specified in the second schedule of the financial Procedure Act 1957 (hereinafter called "the Fund") — (a) money is revenues from loans obtained under this Act;
(b) money provided from time to time by Parliament for the purposes of the Fund;
(c) money which is repayment of the principal of any loans that have been granted under this Act and the interest payable thereon unless the Minister of finance allows payment 042b.fm Page 6 Monday, March 27, 2006 6:37 PM 7 Housing Loan Fund any such money to any person pursuant to any arrangement with the person under which any assets paid out money Fund , or any right or interest acquired or arising from granting any loans from the money Fund, sold, disposed of or transferred to that person;
(d) money is the interest received from investment Fund money;
(e) money received from the sale or production of any assets that have been paid out of the Fund or of or pursuant to any arrangement with any person under which any assets paid out of the Fund, or any right or interest acquired or arising from granting any loans from the money Fund, sold, disposed of or transferred to that person; and (f) any other money received by the Federal Government for the purposes of the Fund.
The Minister may authorize the payment of 4A. Notwithstanding the provisions of section 4 and the financial Procedure Act 1957, the Minister of finance may authorize — (a) payment into the Consolidated Revenue Account in the Federal consolidated fund all or any part of any money received from the Fund or under any arrangement with any person under which any assets paid out money Fund, or any right or interest acquired or arising from granting any loans from money Fund , has sold, disposed of or transferred to that person;
(b) the payment to any person any money of the Fund in accordance with any arrangements 042b.fm Page 7 Monday, March 27, 2006 6:37 PM 8 laws of Malaysia ACT 42 made by that person under which any assets paid out money Fund, or any right or interest acquired or arising from granting any loans from the money Fund, sold , disposed of or transferred to that person.
The use of money Fund 5. (1) Money Fund shall be used and appropriated for the purpose of providing loans in accordance with such terms and conditions as it deems fit by the Minister of finance to any person — (a) that a member of any public service referred to in article 132 of the Federal Constitution;
(b) that a Member State administration in the Federation or of a State as defined in clause (2) of article 160 of the Constitution;
(c) that a judge of the Federal Court or the High Court;
(d) a member of the Parliamentary Services as defined in section 2 of the Parliamentary Services Act 1963 [Act 394];
(e) a Member State of one of the Parliamentary Council;
(f) who became President of the Chamber of Deputies;
(g) who became a member of a State Legislative Assembly;
(h) that an employee of any statutory body or local authority;
(i) who became a husband or wife of any deceased person (who before his death eligible, because he's included in one of the categories described in paragraphs (a) to (h) of this subsection, to be given a loan) as determined by the Minister of finance in its discretion, but the loan, if granted, shall not exceed the amount of the loan 042b.fm Page 8 Monday , March 27, 2006 6:37 PM 9 Housing Loan Fund eligible received by people who died before his death; or (j) specified by the Minister of finance by order in the Gazette, to enable or assist such person — (aa) to buy land, either by residential houses on it or not;
(bb) to build residential houses and roads as the entrance to the House; or (cc) solve all or part of the debt or debts incurred in purchasing land, either by residential houses on it or not, or at t to build residential houses and roads as the entrance to the House, before the loan is given.
(2) subject to clause (7) of article 125 of the Constitution, a person who at the same time holding the two positions or positions described in subsection (1) or more are eligible to apply for a loan in respect of a position or Office only, and a person who has been granted a loan under subsection (1) are not eligible to apply for another loan under that subsection in respect of any position or other position it holds then.
(3) no nothing in subsection (2) shall be construed as preventing a person who has been granted a loan from pursuing — (a) the balance of the total qualifying amount it considers; or (b) the remaining amount may be considered eligible by reason of any change of position or positions.
(4) a person who is eligible to apply for loans from State Governments, statutory body or local authority housing loan scheme which handles himself is not eligible to receive a loan under subsection (1).
042b.fm Page 9 Monday, March 27, 2006 6:37 PM 10 laws of Malaysia ACT 42 loan repayments 6. (1) Notwithstanding the provisions of subsection 13 (2) of the financial Procedure Act 1957 — (a) money is revenues from loans obtained under the provisions of this act together with interest payable thereon, shall, subject to paragraph (b), be repaid out of the Fund; and

(b) the Minister of finance can permits to be paid out of the Consolidated Fund any part of the interest as determined by him due within paragraph (a).
(2) if the money is in the Fund's credit is not enough to repay all monies obtained it or part of it, together with the interest due thereon, the Minister of Finance shall allocate from the Consolidated Fund and repay monies owing the together with the interest thereon.
The Minister may issue directions 7. The Minister of finance may issue instructions that are not inconsistent with this Act regarding the management and operation of the Fund.
PART IV Of The HOUSING LOAN FUND STATE Housing Loan Fund State 8. (1) part III of this Act shall apply to the Housing Loan Fund of a State as the provisions applicable to the Housing Loan Fund specified in the second schedule of the financial Procedure Act 1957 to, and pronunciation in that part of the Housing Loan Fund specified in the Second Schedule shall be construed accordingly.
042b.fm Page 10 Monday, March 27, 2006 6:37 PM 11 Housing Loan Fund (2) in relation to the application of part III of this Act for P in jaman Pe rumahan sesua tu Neger i as referred to above — (a) a reference in that part is specified in the first column of the schedule to this Act shall be construed as references specified in the second column appearing in the table;
(b) of paragraph 5 (1) (c), (d), (e) and (f) it shall not be worn.
Part V GENERAL Abolition Of 9. Ordinance No. 48 (powers necessary) Emergency 1970 [P.U. (A) 301/1970] is repealed.
TABLE [section 8] Pronunciation-sound in part III Interpretation in relation to the application of part III of the Housing Loan Fund of a State 1. Federation......... State 2. Parliament............ State Assembly 3. Minister Of Finance To ... ... More The Menteri Besar or Chief Minister of a State, and for Sabah, the Minister responsible for finance in the 4. Civil servants (other than civil service for a particular State) civil servants for a State 042b.fm Page 11 Monday, March 27, 2006 6:37 PM 12 laws of Malaysia ACT 42 Sound-sound in part III Interpretation in relation to the application of part III of the Housing Loan Fund of a State 5. Money was the income from loans obtained under the provisions of this Act, the money was income from loans obtained under the authority of State law for the purposes of the Fund 6. Subsection 13 (2) of the financial Procedures Act 1957 Subsection 27 (2) of the financial Procedure Act 1957 042b.fm Page 12 Monday, March 27, 2006 6:37 PM 13 laws of MALAYSIA Act 42 HOUSING LOAN FUND ACT 1971 LIST AMENDMENT of laws that amend the short title effect from the A326 Act Housing Loan Fund Act (Amendment) Act 1976 03-09-1971 Act 160 Act the Malaysian currency (Ringgit) 1975 29-08-1975 Act A438 Housing Loan Fund Act (Amendment) Act 1978 19-05-1978; s. 4 (c): 03-09-1971 Act A453 Act Development Fund and Loan Fund (Amendment) Act 1979 c. 2 & 3:01-01-1978; s. 4:03-09-1971 Act A780 Housing Loan Fund Act (Amendment) 1990 01-07-1980 A885 Act Constitution (Amendment) Act 1994 24-06-1994 Act A1225 Housing Loan Fund Act (Amendment) 2004 01-09-2004 042b.fm Page 13 Monday, March 27, 2006 6:37 PM 14 laws of MALAYSIA Act 42 HOUSING LOAN FUND ACT 1971 LIST of SECTION AMENDED Section Power amend the effect from the long Title of the Act A438 19-05-1978 Act A438 19-05-1978 Act A453 01-01-1978 4 A1225 Act 01-09-2004 4A A1225 Act 01-09-2004
5 Act A326 03-09-1971 Act A438 19-05-1978 except s. 5 (iv) 03-09-1971 Act A453 03-09-1971 Act A780 01-07-1980 8 A326 Act 03-09-1971 Act A438 19-05-1978 042b.fm Page 14 Monday, March 27, 2006 6:37 PM