BRETTON WOODS AGREEMENTS ACT 1957

This Act shall apply throughout Malaysia.

to sign the Articles of Agreement of the International

Monetary Fund and the Articles of Agreement of the

International Bank for Reconstruction and Development, respectively; and

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Act 472

*See Bretton Woods agreements order 1969 [P.U. (A) 505/1969] w.e.f. 16 December 1969.

to deposit with the Government of the United States of

America instruments of acceptance of the Articles of

Agreement of the Fund (hereinafter referred to as “the

Fund Agreement”) and of the Articles of Agreement of the

Bank (hereinafter referred to as “the Bank Agreement”), stating that the Government of Malaysia has accepted in accordance with its law the respective Articles and the terms and conditions prescribed thereunder as the terms upon which the Government of Malaysia shall be admitted to membership of the Fund and the Bank.

*4. (Deleted by Act A18).

*5. (Deleted by Act A18).

Power of the Yang di-Pertuan Agong to assign rights and obligations to Bank Negara Malaysia 5a.  (1)  The Yang di-Pertuan Agong may if he thinks it expedient, by order authorize Bank Negara Malaysia to exercise rights and to perform obligations in respect of the membership of Malaysia in accordance with the terms and conditions as set out in the

First Schedule.

*(2) Upon the making of an order in subsection (1)—

the rights and obligations referred to shall, notwithstanding the Central Bank of Malaysia Act 1958 [Act 519], be deemed to be the rights and obligations of Bank Negara

Malaysia; and

paragraph 28(g) and subparagraphs 30(1)(oo)(ii) and (iii)

of the Central Bank of Malaysia Act 1958 shall have effect.

(Omitted).

Bank Negara Malaysia may, with the prior approval in writing of the Minister of Finance, accept on behalf of the

Government of Malaysia and pay any increase in the subscription of Malaysia to the International Monetary Fund which is made in accordance with the Fund Agreement.

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Bretton Woods Agreements

Subscription to International Bank for Reconstruction and

Development

There shall be charged on the Consolidated Fund such part of any increase in the subscription of Malaysia as may in accordance with Article II of the Bank Agreement be payable in gold or United States dollars or in Malaysian currency.

Except with the approval signified by resolution of the

Dewan Rakyat the subscription of Malaysia shall not be increased so that it (including any increases) exceeds the sum of fifty million United States dollars.

The Minister of Finance is hereby authorized, on behalf of the Government, to create and issue to the International Bank for Reconstruction and Development, in such form as he thinks fit, any such non-interest-bearing and non-negotiable notes or other obligations as the Bank may, under section 12 of Article

V of the Bank Agreement, determine to accept in place of any part of the subscription of Malaysia which would, but for such acceptance, be payable in Malaysian currency.

Other payments to the International Bank

all sums payable to the International Bank for Reconstruction and Development under section 9 of Article II of the

Bank Agreement (which relates to changes in the par or foreign exchange value of currencies of members);

and

all sums required for the redemption of any notes or obligations created and issued to that Bank under this

Act.

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Act 472

Charges and receipts

*8.  (1)  (Deleted by Act A18).

All sums received by or on behalf of the Government of

Malaysia from the International Bank for Reconstruction and

Development shall be paid into the consolidated Fund.

Orders for carrying the Agreements into effect

Without prejudice to the generality of subsection (1), any

Order made under that subsection may declare that any specified provisions of the Fund Agreement or the Bank Agreement shall have the force of law in Malaysia.

First schedule

[Section 4]

Terms And Conditions Upon Which Malaysia Is Admitted To

Membership Of The International Monetary Fund

Resolution adopted by the Board of Governors of the International Monetary

Fund, Twelfth Annual Meeting.

The term “Fund” means International Monetary Fund.

The term “Articles” means the Articles of Agreement of the International

Monetary Fund.

The term “dollars” or “$” means United State dollars of the weight and fineness in effect on 1 July 1944.

Malaysia shall deposit with the Government of the United States of

America an instrument stating that it has accepted in accordance with its law the Articles and all the terms and conditions prescribed in this resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this resolution;

and

Malaysia shall sign the original copy of the Articles held in the

Archives of the Government of the United States of America.

“Articles” means the Articles of Agreement of the Bank.

“Bank” means International Bank for Reconstruction and

Development.

“Dollars” or “$” means United States dollars of the weight and fineness in effect on 1 July 1944.

“Member” means member of the Bank.

“Subscription” means the capital stock of the Bank subscribed to by a member.

before accepting membership in the Bank, Malaysia shall pay to the

Bank—

Gold or United States dollars equal to 2 per cent of its subscription; and

Malaysia shall agree that, if it tenders any part of the payment called for in paragraph (a)(i) above in gold, the Bank shall have the right to reject any such gold which, in its opinion, may not be sold freely and unconditionally by the Bank to members requiring certification or other evidence as to the origin of gold purchased by them.

Become a member of the International Monetary Fund;

Made the payments called for by paragraph 4 of this resolution;

Furnished the representation, and such information as may have been requested, pursuant to paragraph 5 of this resolution;

Deposited with the Government of the United States of America an instrument stating that it has accepted in accordance with its law the

Articles and all the terms and conditions prescribed in this resolution, and that it has taken all steps necessary to enable it to carry out all its obligations under the Articles and this resolution;

Signed the original copy of the Articles held in the Archives of the

Government of the United States of America.