International Monetary Fund (Ratification Of The Second Amendment To The Articles Of Agreement) Act 1977

Original Language Title: International Monetary Fund (Ratification of Second Amendment to the Articles of Agreement) Act 1977

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Laws of MALAYSIA Act REPRINTING 184 INTERNATIONAL FUND ACT (CONFIRMATION of the SECOND AMENDMENT to AGREEMENT) 1977 Contain 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 law Malaysia2 ACT 184 INTERNATIONAL FUND ACT (CONFIRMATION of the SECOND AMENDMENT to AGREEMENT) 1977 Assent Date............ May 26, 1977 date of publication in the Gazette......... 9 June 1977 REPRINT BEFORE Reprinting the first............ 2001 International Monetary Fund (confirmation of the Second Amendment to Agreement) 3 laws of MALAYSIA Act 184 INTERNATIONAL FUND ACT (CONFIRMATION of the SECOND AMENDMENT to AGREEMENT) 1977 ARRANGEMENT of SECTIONS section 1. Short title 2. Interpretation 3. Permission to confirm the amendment to Agreement Fund 4. The expansion of P.U. (A) 505/1969 5. Amendments to the act as a consequence 12 6. Amendments to the act as a consequence 519 7. Act relating to 472 and Act 12 Law Act Malaysia4 ACT 184 International Fund (confirmation of the Second Amendment to Agreement) 5 laws of MALAYSIA Act 184 INTERNATIONAL FUND ACT (CONFIRMATION of the SECOND AMENDMENT to AGREEMENT) 1977 an act to provide for confirm amendments to the articles of agreement for International Fund in accordance with Resolution No. 31-4 adopted by the Board of The International Monetary Fund on 30 April 1976 , and other matters relating thereto.
[10 June 1977]
THEN THIS 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 International Fund Act (confirmation of the Second Amendment to Agreement) 1977.
Interpretation 2. In this Act — "investment account" means the Account General Department established under subparagraph 6 (f) (i) of article XII matters agreement, in which the source of money used to Fund resulting from the investment and will be saved.
"Special payment account" means an account of General Department in which profit from selling gold Fund shall be kept to be used in accordance with the provisions governing the account in section 12 of article V and Schedule B to the Agreement;
Law Malaysia6 ACT 184 "General money resources Account" means the Account Department of the General Fund through it will run all the conduct and affairs by using General Fund money resources;
"General Department" means an account that ran through the Fund will carry out all the exercise and other business permitted by the articles of agreement;
"Department of special drawing rights" means the account through it Fund will carry out all the conduct and Affairs involving Special drawing rights provided under Article XV matters agreement, with the exception of the conduct and Affairs pursuant to section 2 of article XVII matters Agreement;
"International Monetary Fund" (hereinafter called "the Fund") means the International Monetary Fund to which Malaysia is a member by virtue of section 3 of the Bretton Woods Agreement Act 1957 [Act 472];
"The agreement matters" means matters of the Fund Agreement as amended in accordance with the Resolution No. 31-4 adopted by the Board of Governors of the Fund on April 30, 1976.
Permission to confirm the amendment to the Agreement of the Fund 3. The Yang di-Pertuan Agong may by instrument which by him to authorise the person who dinamakannya in a letter that way — (a) to receive on behalf of Malaysia the Second Amendment to Agreement the Fund attached to the report of March 1976 by the Executive Director to the Board of Governors of the Fund; and (b) to deposit on behalf of the Fund with an instrument which stated that the Government, in accordance with the laws of Malaysia, menyanggupi all the duties of a member of the Fund under the second amendment of International Monetary Fund (confirmation of the Second Amendment to Agreement) 7 things Fund Agreement and that the Government has taken all necessary measures to enable it to carry out all the obligations.
Extension of P.U. (A) 505/1969 4. Order of the Bretton Woods Agreement, 1969 [P.U. (A) 505/1969] shall be deemed to refer to all rights and obligations pertaining to the account money resources General, Special payment account and investment account for Department General Fund under the articles of agreement of the Fund.
Amendments to the act as a consequence 12 5. Subsection 5 (2) of the International Monetary Fund (confirmation of amendments to the articles of agreement) 1969 [Act 12] is amended by — (a) replace the words "Article XXIV" contained in subparagraph (b) (i) the words "Article XV"; and (b) replace the words "Article XXVI, XXX and XXXI Matters" contained in subparagraph (b) (iii) and (iv) the words "of article XX, Article XXIV and XXV SURVEY GAMES".
Amendments to the act as a consequence 519 6. Central Bank of Malaysia Act 1958 [519 Act] is amended by — (a) replaces subsection 19 (1) with the following new subsection "— (1) The parity of the ringgit shall be determined by the Minister on the recommendation of the Bank in terms either of the currency or currencies of other members of the International Monetary Fund, the Special Drawing Right, the common denominator comes by the International Monetary Fund under paragraph 1 of Schedule C to the Articles of Agreement of the International Monetary Fund, or any other legal denominator ACT 184 Malaysia8 consistent with the obligations of Malaysia under Article IV and Schedule C to the Articles of Agreement of the International Monetary Fund: Likely that if and when the Bank notifies the International Monetary Fund of the parity of the dollars upon the International Monetary Fund deciding under the Articles of Agreement to introduce a widespread system of exchange indications exist based on stable but adjustable par values , such parity shall be published in the Gazette and shall take effect and return to:. ";
(b) replace the words "Notwithstanding subsection (1), the" appearing in subsection 19 (2) with the word "The";
(c) replace the words "mentioned in" appearing in subsection 19 (3) the words "gazetted under";
(d) added immediately after subsection 19 (3) the following new subsection — "(4) Notwithstanding subsection (1), the Minister may decide on the recommendation of the Bank that it is necessary and expedient for Malaysia not to determine a parity for the ringgit, but instead to apply any exchange arrangement for the dollars that is not inconsistent with the Articles of Agreement of the International Monetary Fund , including, but not limited to, the severing of the parity of the ringgit to any currency or currencies or any denominator. ";
(e) replace the proviso contained in section 21 with the following new proviso — "Likely that the rate of exchange quoted for any such transaction shall be consistent with the Articles of Agreement of the International Monetary Fund.";
(f) replace the words "section 5" found in subparagraph 30 (1) (oo) (iii) the words "section 4"; and International Monetary Fund (confirmation of the Second Amendment to Agreement) 9 (g) added immediately after subparagraph 30 (1) (oo) (v) the following new subparagraph — "(vi) the exchange, if requested by other members of the International Monetary Fund at the time of purchase, balances of Malaysian currency purchased by other members from the International Monetary Fund, or obtained by other members in exchange for currency purchased from the International Monetary Fund , for a freely usable currency (defined in Article XXX (f) of the Articles of Agreement of the International Monetary Fund) selected by the Bank at an exchange rate between the ringgit and that currency as may be consistent with paragraph 7 (a) of Article XIX of the Articles of Agreement of the International Monetary Fund; ".
Act in relation to the Act and Act 12 7 472. Bretton Woods Agreements Act 1957, and the International Monetary Fund (confirmation of amendments to the articles of agreement), 1969, shall be read subject to the provisions of this Act.
Law Malaysia10 ACT 184 laws of MALAYSIA Act 184 INTERNATIONAL FUND ACT (CONFIRMATION of the SECOND AMENDMENT to AGREEMENT) 1977 LIST AMENDMENT law short title force amend the from-no-International Monetary Fund (confirmation of the Second Amendment to Agreement) 11 laws of MALAYSIA Act 184 INTERNATIONAL FUND ACT (CONFIRMATION of the SECOND AMENDMENT to AGREEMENT) 1977 LIST SECTION AMENDED Section Power amend with effect from-no-