The International Islamic Trade Finance Corporation Act 2007

Original Language Title: International Islamic Trade Finance Corporation Act 2007

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1Perbadanan International Islamic trade finance laws of malaysia Act 669 reprint Corporation Act international Islamic trade finance 2007 As on 1 November 2014 issued by the Commissioner of law revision, under the authority of law revision Act 1968 2014 2 laws of Malaysia Act 669 Islamic Trade Finance Corporation Act 2007 International assent date......... July 18, 2007 date of publication in the Gazette............ 26 July 2007 3Perbadanan International Islamic trade finance laws of malaysia Act 669 Islamic Trade Finance Corporation Act 2007 international arrangement of sections section 1. short title and commencement 2. interpretation 3. Privacy juridikal Corporation 4. the authority to apply for the purchase of shares of the capital stock of the Corporation 5. the amount of money payable to the Corporation shall be charged on the consolidated fund 6. acceptance of the 4 laws of Malaysia Act 669 5Perbadanan International Islamic trade finance laws of malaysia Act 669 Islamic Trade Finance Corporation Act International 2007 an act to give effect to an international agreement for the establishment and operation of the international Islamic Trade Finance Corporation and to allow the Government of malaysia to be its members and to provide for matters connected therewith.
[See subsection 1 (2) of this Act]
Whereas it appears to the Board of Governors of the Islamic Development bank to 31 which took place in kuwait city, kuwait in May 2006, an agreement that establishes the international Islamic Trade Finance Corporation was signed;
And whereas the Government of malaysia has participated in these meetings and was, at the end of the meeting, signed the Treaty and on 6 February 2007 confirmed the agreement and thus became a member of the Corporation.
enacted by the Parliament of malaysia as follows: short title and commencement 1. (1) this Act may be cited as the Act of the international Islamic Trade Finance Corporation 2007.
(2) this Act comes into force on the date the agreement comes into effect for the Government of malaysia in accordance with article 53 of the agreement.
6 laws of Malaysia Act 669 interpretation 2. in this Act, unless the context otherwise requires — "Member" means a country or institution which is a member of the Corporation;
"Government" means the Government of malaysia;
"Chief Executive Officer" means the Chief Executive Officer of the Corporation;
"Board" means the Board of Directors of the Corporation;
"Minister" means the Minister charged with the responsibility for finance;
"Corporation" means the international Islamic Trade Finance Corporation established through the agreement;
"perh impunan agung e r t inya perh impunan General Corporation;
"agreement" means an international agreement for the establishment and operation of the international Islamic Trade Finance Corporation signed in kuwait city, kuwait on 30 May 2006.
Privacy juridikal Corporation 3. (1) the Corporation shall have juridikal personality and such legal capacity as may be necessary for the exercise of its powers and the performance of its functions in accordance with the agreement.
(2) without prejudice to the generality of subsection (1), the Corporation shall have the ability to — (a) enter into contracts;
(b) acquire, hold and dispose of movable and immovable property; and 7Perbadanan International Islamic trade finance (c) start the legal proceeding his name and defend any action brought against the Corporation in a court having competent jurisdiction.
The authority to apply for the purchase of shares of the capital stock of the Corporation 4. the Minister is authorized to apply for the purchase for the Government — (a) shares of the capital stock of the Corporation allowed under paragraph (1) of article 10 of the agreement for any amount not exceeding the amount equivalent to thirty million United States dollar;
(b) if the shares of the authorised capital of the Corporation added at the request of the General Assembly in accordance with paragraph (3) of article 10 of the agreement, a rate of increase in shares as provided in that paragraph; and (c) if the share of the Government has been added at the request of the Government under paragraph (6) of article 11 of the agreement, the amount of the increase.
The amount of money payable to the Corporation shall be charged on the consolidated fund 5. (1) shall be charged on the consolidated fund of the Government — (a) all sums payable to the Corporation by way of application for purchase of shares of the capital under the workman and manner as provided in article 12 agreement;
(b) all sums payable to the Corporation by means of an application by the Government to buy additional shares in the capital of the Corporation in accordance with paragraph (6) of article 11 agreements;
8 laws of Malaysia Act 669 (c) any amount of money to be made by the Government as deposits with the Corporation under subparagraph (2) (b) of article 8 of the agreement; and (d) all sums payable to the Corporation under any other provisions of the agreement.
(2) all sums charged on the consolidated fund of the Government under this section shall be paid in United States dollar.
Acceptance of 6. all sums received by or on behalf of the Corporation shall be paid into the consolidated fund of the Government.
9Perbadanan International Islamic trade finance laws of malaysia Act 669 Islamic Trade Finance Corporation Act International 2007 list amendment law short title force amend the from-No-10 laws of Malaysia Act 669 laws of malaysia Act 669 Islamic Trade Finance Corporation Act International 2007 list section amended section power amend with effect from-no-