Loans (Islamic Development Bank) Act 1977

Original Language Title: Loans (Islamic Development Bank) Act 1977

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Laws of MALAYSIA Act REPRINTING LOAN ACT 187 (ISLAMIC DEVELOPMENT BANK) 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 LOAN ACT 187 (ISLAMIC DEVELOPMENT BANK) 1977 Assent Date............ September 7, 1977 date of publication in the Gazette......... September 15, 1977 REPRINT BEFORE Reprinting the first............ 2001 borrowings (Islamic Development Bank) 3 laws of MALAYSIA Act LOAN ACT 187 (ISLAMIC DEVELOPMENT BANK) 1977 ARRANGEMENT of SECTIONS section 1. Short title 2. Interpretation 3. Federal authority to borrow from the Islamic Development Bank 4. The power to issue the instrument including bonds 5. Arbitration 6. The implementation of obligations under law Malaysia4 ACT 187 borrowings (Islamic Development Bank) 5 laws of MALAYSIA Act LOAN ACT 187 (ISLAMIC DEVELOPMENT BANK) 1977 an act to make provision for the Federal Government menperdapatkan loans from the Islamic Development Bank and for matters connected therewith.
[September 16, 1977]
Enacted by the 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 Act (Islamic Development Bank) 1977.
Interpretation 2. In this Act, unless another meaning requires permits include — "Bank" means the Islamic Development Bank; "Government" means the Federal Government; "Minister" means the Minister of finance.
Federal authority to borrow from the Islamic Development Bank 3. (1) subject to the provisions of the Constitution and the provisions of this Act, the Government can in such manner and upon such terms and subject to such conditions as may be agreed between the Government and the Bank to borrow any amount of money from the Bank from time to time as required by the Government.
Law Malaysia6 ACT 187 (2) any sums borrowed by the Government under the powers conferred by subsection (1) for the needs of the Government shall be paid into the Development Fund and shall, notwithstanding the provisions of section 3 of the Development Fund Act 1966 [Act 406], use and hereby allocated for the purpose for which it was borrowed as specified in an agreement made by the Bank in respect of sums borrowed such : provided that if any part of the amount of the money will not be used for the purposes aforesaid the share of the amount of money that can be used for any other purposes as may be approved by the Minister and the Bank.
(3) an agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by subsection (1) shall be made on behalf of the Government and may be signed on behalf of the Government by the Minister or by a person authorized in that behalf in writing by the Minister.
(4) as soon as may be after an agreement made by the Bank in respect of any sums borrowed under the powers conferred by subsection (1), a copy of it shall be laid by the Minister before each Parliament.
(5) there is nothing in the provisions of this section shall affect or diminish any other existing powers for the Government to borrow money.
The power to issue the instrument including bonds 4. (1) Notwithstanding anything contained in any other law, the Government may issue any bond, promissory note or other instruments on such terms and conditions as may be necessary for the purpose of enforcing the terms of an agreement that can be made by him to the Bank in connection with any borrowing authorized by subsection 3 (1).
Borrowings (Islamic Development Bank) 7 (2) a bond, promissory note or other instruments that may be signed on behalf of the Government by the Minister or by any other person authorized in that behalf in writing by the Minister.
Arbitration 5. If any dispute arises between the Bank, at a party, the Government, on the other, under an agreement made or under an undertaking given in exercise of the powers conferred by this Act or under a bond, promissory note or any instrument made pursuant to such an agreement, the dispute shall be decided through arbitration in the manner agreed by the parties and any award made in arbitration may enforced in the Federation in all respects as if the award had been made lawfully in an arbitration under the Arbitration Act * 2005 [Act 646], or under any other written law relating to arbitration currently in force in the Federation and for the purposes of this section, the provisions of the Act or law shall be binding on the Government.
The implementation of the obligations under the agreement 6. (1) subject to the provisions of the Constitution but notwithstanding anything contained in any existing law, any other agreement made with the Bank in connection with a borrowing permitted by subsection 3 (1) and a bond, promissory note or other instrument issued pursuant to the Treaty and an undertaking given in respect of the agreement, bonds , promissory note or instrument by the Government are valid and enforceable and have effect and the full effects in the Federation in accordance with their respective conditions.
(2) without prejudice to the generality of the provisions of subsection (1) — (a) the Minister may set aside by order published in the Gazette that any tax or duty payable respectively under the income tax Act 1967 [Act 53], or stamp Act 1949 [Act 378], shall be remitted if remission should * NOTE — this Act has replaced the Arbitration Act 1952 [Act 646] – see s. 51 of the Act 646.
Law Malaysia8 ACT 187 to enforce adequately and fully the agreement, bond, promissory note or instrument;
(b) there are any of the provisions of the Exchange Control Act 1953 [Act 17], can apply to any transaction that is required to make payment in any currency in accordance with the terms of the agreement, instrument or the bond in any currency.
(3) neither the Government nor any of its agencies nor the Central Bank may not, except as otherwise agreed between the Minister with the Bank, the holding of any lien on any of its assets as collateral for an external debt unless expressly provided that the lien will guarantee payment, the same way and in accordance with the rates, principal and charges on a loan given by or a bond , promissory note or instrument made pursuant to a loan granted by the Bank to the Government.
(4) in subsection (3) — "external debt" means any debt due in any medium, in addition to the currency at the time in question to be legal tender for the payment of private debt and public debt in either the Federal debt payable absolutely or upon the creditor's options in the other medium;
"lien" includes mortgages, backup, charges, privileges and priorities of any kind.
Borrowings (Islamic Development Bank) 9 laws of MALAYSIA Act LOAN ACT 187 (ISLAMIC DEVELOPMENT BANK) 1977 LIST AMENDMENT law short title force amend the from-no-law Malaysia10 ACT 187 laws of MALAYSIA Act LOAN ACT 187 (ISLAMIC DEVELOPMENT BANK) 1977 LIST SECTION AMENDED Section Power Amend with effect from-no-