Islamic Development Bank Act 1975

Original Language Title: Islamic Development Bank Act 1975

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Act 153 BM 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 REPRINTING 153 ISLAMIC DEVELOPMENT BANK ACT 1975 Contains all amendments to 1 January 2006 the laws of Malaysia ACT 1532 ISLAMIC DEVELOPMENT BANK ACT 1975 Royal Assent Date............ 10 February 1975 date of publication in the Gazette......... February 20, 1975 REPRINT BEFORE Reprinting the first............ 1997 Reprint the second............ 2001 the Islamic Development Bank 3 laws of MALAYSIA Act 153 ISLAMIC DEVELOPMENT BANK ACT 1975 ARRANGEMENT of SECTIONS section 1. Short title 2. Interpretation 3. Effect of verification agreements 4. The authority to apply for the purchase of shares of the capital stock of the Bank 5. Sums due to the Bank shall be charged on the consolidated fund 6. Pemerdapatan money and the note is not negotiable and the creation of other obligations 7. Acceptance of 8. Order to give effect to the Covenant laws of Malaysia ACT 1534 Islamic Development Bank 5 laws of MALAYSIA Act 153 ISLAMIC DEVELOPMENT BANK ACT 1975 an act to give effect to an international agreement for the establishment and operation of the Islamic Development Bank and to enable Malaysia to become its members and to provide for matters connected therewith.
[February 21, 1975]
WHEREAS the Financial Ministers of the Islamic countries held in Jeddah, Saudi Arabia in August 1974, an agreement that establishes the Islamic Development Bank was signed;
And WHEREAS the Government of Malaysia has participated in the Conference and signed the Treaty at the end of the Conference and now the Federal Government intends to verify the Treaty and thus became a member of the Bank;
And WHEREAS a copy of the text of the Treaty have been laid before Parliament by command of the Yang di-Pertuan Agong;
By THINGS so then NOW THIS is 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 Islamic Development Bank Act 1975.
Laws of Malaysia ACT 1536 interpretation 2. In this Act, unless the context otherwise requires — "Bank" means the Islamic Development Bank which was established through the agreement;
"Minister" means the Minister currently responsible for finance;
"agreement" means an international agreement for the establishment and operation of the Islamic Development Bank signed in Jeddah, Saudi Arabia on August 12, 1974;
"Article" means an Article of the agreement.
Effect of verification agreements 3. If the agreement is endorsed by and on behalf of the Malaysian Government and the agreement come into force according to Article 68 of the agreement, the provisions of this Act shall become effective.
The authority to apply for the purchase of shares of the capital stock of the Bank 4. The Minister is hereby authorized to apply for the purchase for the Government — (a) shares of the capital stock of the Bank in accordance with paragraph 1 allowed article 5 in accordance with any amount not exceeding the amount equivalent to twenty million United States dollar;
(b) if the shares of the authorised capital of the Bank added on request of the Board of Governors of the Bank in accordance with paragraph 4 of article 5, of 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 5 of article 5, of the amount of the increase.
Islamic Development Bank 7 sums due to the Bank shall be charged on the consolidated fund 5. (1) Consolidated Fund for the Federation shall be charged: (a) all sums due to the Bank by way of application for purchase of shares of the capital under and in accordance with the method of payment as provided in article 6;
(b) all sums due to the Bank by means of the application by the Government to buy additional shares of capital Bank in accordance with paragraphs 4 and 5 of article 5;
(c) any amount of money to be made by the Government as deposits with the Bank under article 8; and (d) all sums due to the Bank under any other provisions of the agreement.
(2) all moneys charged on the Consolidated Fund for the Federation under this section may be paid with Dinars Islam, the Malaysian currency, us dollar or in any other convertible currency to another.
Pemerdapatan money and the note is not negotiable and the creation of other obligations 6. For the purpose of assigning any sum charged on the Consolidated Fund for the Federation under section 5, the Minister may establish and issue to the Bank in such form as he thinks fit any note that does not charge interest and which are not negotiable or other obligations which are determined by the Bank under article 24, getting accepted to replace all or any part of the amount of money that will be paid for by the Malaysian currency If the Bank does not accept notes or other obligations.
Acceptance of 7. All money received by or on behalf of the Bank shall be paid into the Consolidated Fund for the Federation.
Laws of Malaysia ACT 1538 the order to give effect to Treaty 8. (1) the Yang di-Pertuan Agong may by order make such provision as he deems reasonably necessary to enforce any provisions of the agreement relating to the status, immunity and privileges and status, immunity and privileges of its Executive Director, gabenornya, wipe it, on behalf of members and employees respectively.
(2) without prejudice to the generality of subsection (1), an order made under that subsection may declare that any provision of the agreement is determined shall have the effect of law in Malaysia.
(3) an order made under this section may be varied or revoked by a subsequent order.
(4) no nothing in this section shall be construed as limiting the power of the Yang di-Pertuan Agong under section 4 of the Consular and Diplomatic Privileges Ordinance 1957 [Ord. 53 years ago] *, to declare the Bank as a body as is mentioned in subsection (1) of that section or any of the powers the King under the Ordinance to provide the Bank or his officers or pekhidmatnya or any other person associated with it any immunity or privilege that is not specified in the provisions of the agreement.
* Note — this Act was repealed – see section 5 Diplomatic Privileges Act (Vienna Convention) (Amendment) Order 1999 [Act A1064].
Islamic Development Bank 9 laws of MALAYSIA Act 153 ISLAMIC DEVELOPMENT BANK ACT 1975 LIST AMENDMENT law short title force amend from — NO — the laws of Malaysia ACT 15310 laws of MALAYSIA Act 153 ISLAMIC DEVELOPMENT BANK ACT 1975 LIST of SECTION AMENDED Section Power amend with effect from — NO —