Loan Guarantee Act 1972

Original Language Title: Loan Guarantee Act 1972

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066b.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 LOAN GUARANTEE ACT 1972 66 Contains all amendments to 1 January 2006 066b.fm Page 1 Friday, March 31, 2006 6:56 PM PREPARED for PUBLICATION by the MALAYAN LAW JOURNAL SDN BHD and PRINTED by PERCETAKAN NASIONAL MALAYSIA BERHAD KUALA LUMPUR BRANCH LOAN GUARANTEE ACT 2006 2 1972
The Date Of Royal Assent......... February 26, 1972, the date of publication in the Gazette of ... ... more 29 February 1972 REPRINT BEFORE Reprinting The first ... ... more 1993 the second Reprint of ... ... more 1999 066b.fm Page 2 Friday, March 31, 2006 6:56 PM 3 laws of MALAYSIA Act 66 ARRANGEMENT of SECTIONS of the ACT GUARANTEES LOANS 1972 section 1. Short title 2. Provisions of the Act applicable to the loan 410 3. Confirmation of guarantee agreements 4. Expansion for other companies 066b.fm Page 3 Friday, March 31, 2006 6:56 PM 066b.fm Page 4 Friday, March 31, 2006 6:56 PM 5 laws of MALAYSIA Act 66 LOAN GUARANTEE ACT 1972 an act to make provision so that specific provisions in the Act Loans (Asian Development Bank) 1968 apply to a guarantee by the Federation against the loans provided by the Asian Development Bank to the capitalisation of Malaysian industry development and for matters related thereto.
[March 1, 1972]
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 Loan Guarantee Act 1972.
Provisions of the Act applicable to the loan 410 2. (1) the following provisions in the Act Loans (Asian Development Bank) 1968, namely: (a) section 7 (which empowers the Government to provide guarantee and undertaking in respect of moneys borrowed by the statutory authority of the Asian Development Bank); and (b) in so far as it relates to the guarantee and undertaking by the Government, sections 11 and 12 (which contains additional provisions for the implementation of, inter alia, any warranty or undertaking the) except that the word "1950" in subsection 12 (5) shall be replaced by the word "1960", 066b.fm Page 5 Friday, March 31, 2006 6:56 PM 6 laws of Malaysia ACT 66 shall apply in respect of a borrowing from the Bank by a company named Company Capitalisation of the industrial Progress seems the company is Berhad a statutory authority within the meaning of the Act, and lending that was made under subsection 5 (1) of the Act.
(2) where any monies paid out of the Consolidated Fund in respect of any liability incurred by the Government pursuant to subsection (1), the Minister shall, as soon as possible, starting from the conferences of representatives soon after the money was paid and ending with the financial year in which all liability therefor and any interest payable thereon resolved by final by the company , present in the Commons at every recent session a statement related to it.
(3) Paragraph 12 (2) (a) and (b) such (which provides for exemption from taxation and exchange controls) shall also apply in respect of an agreement made, whether before or after this Act was passed, with the Bank by the company, with the approval of the Government, in respect of a loan by the company of the Bank, and for a bond, promissory letter or instrument issued by the company pursuant to any such agreement as they apply to agreements and instruments referred to in it that.
Confirmation of guarantee agreements 3. The guarantee agreement of this made between the Federal Government in the name of the Bank is hereby ratified and confirmed in all matters and shall become effective for all purposes as if this Act had been in force at that date and the agreement has been made and executed properly in exercise of powers conferred by or under this Act.
Expansion for another company 4. If a resolution is passed by the House of Commons that section 2 of this Act shall apply to a company, as the provisions applicable to the company's Capitalisation 066b.fm Page 6 Friday, March 31, 2006 6:56 PM 7 Loan Guarantee industry development Malaysia Berhad, then the Minister may, by order published in the Gazette, declare that such provision in the Act shall apply to the company.
066b.fm Page 7 Friday, March 31, 2006 6:56 PM 8 laws of MALAYSIA Act 66 LOAN GUARANTEE ACT 1972 LIST OF AMENDMENTS LIST SECTION AMENDED laws that amend the short title effect from the – no-section Power amend with effect from – no – 066b.fm Page 8 Friday, March 31, 2006 6:56 PM