Text 1 (1-50) laws of MALAYSIA Act REPRINTING 598 ACT statutory bodies (BORROWING POWERS) Act 1999 Contains all amendments to 1 January 2006 PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 in COLLABORATION with PERCETAKAN NASIONAL MALAYSIA BHD 2006 laws of Malaysia ACT 5982 ACT STATUTORY BODIES (power to BORROW) 1999 date of Assent............... August 27, 1999, the date of publication in the Gazette......... September 9, 1999 statutory bodies (Borrowing Powers) 3 laws of MALAYSIA Act 598 ACT STATUTORY BODIES (power to BORROW) 1999 ARRANGEMENT of SECTIONS section 1. Short title 2. Interpretation 3. Application 4. Conflict or inconsistency 5. Approval of the Minister and the Minister of finance laws of Malaysia ACT 5984 statutory bodies (power to borrow) 5 laws of MALAYSIA Act 598 ACT STATUTORY BODIES (power to BORROW), 1999 an act to regulate the exercise of the power to borrow by all statutory bodies established by federal law and by all company and a corporation established by the statutory bodies, and for matters connected therewith.
[September 10, 1999]
Enacted by the Parliament of Malaysia as follows: short title 1. This Act may be cited as the statutory Body Act (Powers to borrow) 1999.
Interpretation 2. In this Act, unless the context otherwise requires — "statutory body" means any body established by federal law;
"Minister", in relation to a statutory body, means the Minister currently responsible for the statutory bodies;
"Corporation" means a corporation established by a government agency pursuant to powers granted to the Government agency under the Federal law that establishes the statutory bodies;
Laws of Malaysia ACT 5986 "company" means a company incorporated under subsection 4 (1) of the companies Act 1965 [Act 125] by a government agency pursuant to powers granted to the Government agency under the Federal law that establishes the statutory bodies.
Application of the 3. (1) this Act shall apply to all statutory bodies and all company and a corporation established by the statutory body.
(2) the provisions of this Act shall be read and construed as one with the provisions of the Federal law that establishes the statutory body or him.
Conflict or inconsistency 4. (1) if there is any conflict or inconsistency between the provisions of this Act with the provisions of federal law that establishes the statutory body or him, then the provisions of this Act shall supersede conflicting provisions or permissible in federal law that the extent of the inconsistency or conflict.
(2) the provisions of any federal law that are consistent or does not conflict with the provisions of this Act shall continue to apply.
Approval of the Minister and the Minister of finance 5. A statutory body or a company or a corporation established by a statutory body cannot borrow money without the prior approval of the Minister and the Minister of finance.
Statutory bodies (power to borrow) 7 laws of MALAYSIA Act 598 ACT STATUTORY BODIES (power to BORROW) 1999 LIST AMENDMENT law short title force amend from – no – laws of Malaysia ACT 5988 laws of MALAYSIA Act 598 ACT STATUTORY BODIES (power to BORROW) 1999 LIST SECTION AMENDED Section Power amend with effect from – THERE are –