PRELIMINARY
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ActIn force
Loan (Local) Act 1961
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- Enacted
- 1961
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- 24
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Loan (Local) Act 1961 is Malaysia Act, cited as Act 650 1961, currently marked in force and first recorded in 1961.
Front matterCover and publication detailsOpenClose
2006
Act 650
(Revised—2006)
PREPARED FOR PUBLICATION BY
MALAYAN LAW JOURNAL SDN BHD
AND PRINTED BY
KUALA LUMPUR BRANCH
2006 2
Revised up to
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30 March 2006
Date of publication in the Gazette of this revised version
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30 March 2006
Date appointed for coming into force of this revised version pursuant to paragraph 6(1)(xxiii) of the Revision of Laws Act 1968 [Act 1]
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30 March 2006
First enacted in 1961 as Act No. 18 of 1961
3
Act 650
Opening note
Preamble
- An Act to authorize a sum not exceeding one hundred million ringgit at any one time to be raised in Malaysia by way of loan. [Peninsular Malaysia—25 May 1961; Sabah and Sarawak—20 May 1965]
Section 1
This Act may be cited as the Loan (Local) Act 1961.
Interpretation
Section 2
In this Act, unless the context otherwise requires—
“advance deposit” means such deposits as are received under subsection 14 (1);
“Bank” means the Central Bank of Malaysia;
“Governor” means the Governor of the Bank;
“Minister” means the Minister for the time being charged with responsibility for finance.
AUTHORIZATION AND APPLICATION OF LOAN
Power to raise loan
Section 3
(1)
The Minister may from time to time raise, by the issue of stock in the manner provided in this Act, such sums of moneys as
6
he may determine, provided that the total amount of such stock issued and not redeemed shall not exceed the sum of one hundred million ringgit at any one time.
(2)
The loan hereby authorized shall be raised in Malaysia by the issue of registered stock under Part III.
(3)
All stock issued under this Act shall be redeemable within a period not exceeding five years from the date of issue.
Section 4
Application of loan
The moneys received for stock issued under this Act shall be applied, and are hereby appropriated, to the following purposes :
(a)
meeting the expenses relating to the issue of stock or arising from the acceptance of advance deposits under
Part V
Part V;
Section 5
The principal moneys and interest represented by stock issued under this Act are charged upon and shall be payable out of the
Consolidated Fund.
(b)
payment, with the prior approval of the Dewan Rakyat signified by resolution, into the Development Fund specified in the Second Schedule to the Financial
Procedure Act 1957 [Act 61], for the purposes of such fund; and
(c)
redemption of stock issued under this Act, to such extent as the Minister may determine.
Charge of principal and interest
PROVISIONS APPLICABLE TO ISSUE AND REGISTRATION OF STOCK
Issue and form of stock
Section 6
(1)
Stock issued under this Act shall be issued on behalf of the Minister by the Bank, upon such terms as may be approved by the Minister, and shall be authenticated either by the signature of
Loan (Local)
7
the Governor, or by a facsimile of such signature, or in such manner as may be approved by the Governor.
(2)
Stock issued under this Act shall be in such form as the
Governor may from time to time approve.
Section 7
Refusal of application
Any application to take up stock issued under this Act may be refused by the Governor without reason assigned.
Section 8
Register of Stock
(1)
All stock issued under this Act shall be entered in a register to be kept for the purpose by the Bank in such form as may from time to time be approved by the Governor.
(2)
All stock issued under this Act, and the right to receive the principal moneys and interest represented thereby, shall be transferable by an instrument of transfer registered by the Bank.
(3)
No stock issued under this Act shall be registered except in the name of an individual person or persons or of a corporation.
Section 9
Payment of interest
(1)
The interest upon the principal moneys represented by stock issued under this Act shall be paid half-yearly at the office of the
Bank.
(2)
The Minister shall, in each half-yearly period ending with the day on which interest on stock issued under this Act falls due, appropriate out of the Consolidated Fund a sum equal to one-half year's interest on the whole of the stock so issued in order that the interest for such half year may be paid from it.
Section 10
Fee payable to the Bank
The Minister may fix such fee as he considers reasonable for the performance by the Bank of any powers or duties conferred or imposed under this Act, and the fee so fixed is charged on and appropriated out of the Consolidated fund.
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PROVISIONS RELATING TO REDEMPTION OF STOCK
Section 11
Redemption of stock
Stock issued under this Act shall be redeemable at par on such dates as may be specified in the prospectus, after which dates all the interest on the principal moneys represented thereby shall cease and determine, whether payment of such principal moneys shall have been demanded or not.
Section 12
Repayment of stock
The repayment of all principal moneys represented by stock issued under this Act at the time when the same become due shall be made by the Minister out of the Consolidated Fund.
Section 13
Delivery up of stock on repayment
Before the repayment of the principal moneys represented by any stock issued under this Act, such stock shall be delivered up for cancellation to the Bank.
GENERAL
Section 14
Acceptance of advance deposits
(1)
In anticipation of the raising of any loan under the authority of this Act the Minister may, if he thinks fit, authorize acceptance by the Bank on behalf of the Federation of deposits not exceeding the amount of such loan.
(2)
Advance deposits shall be applied to the purchase of stock of the first loan issued under this Act after the date on which such deposits were received by the Bank, unless a depositor gives notice in writing within seven days after the date of issue of such loan that he wishes advance deposits or part of it made by him to be repaid.
Loan (Local)
(3)
Whenever a depositor gives notice that he wishes the whole or part of the advance deposits made by him to be repaid, such deposits or part of it made by such depositor shall be repaid immediately, but no interest shall be payable on it.
(4)
Advance deposits which are applied to the purchase of stock in accordance with subsection (2) shall carry interest at the rate applicable to such stock calculated from the date the deposit was received by the Bank, and such interest shall be charged on the Consolidated Fund and appropriated from it.
(5)
Any power to invest conferred on a person by any instrument or written law shall include the power to make advance deposits in accordance with this section.
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Act 650
(Revised—2006)
Particulars under paragraphs 7(ii) and (iii) of the Revision of
Laws Act 1968 [Act 1]
LIST OF AMENDMENTS
LIST OF LAWS OR PARTS THEREOF REPEALED
Amending law
Short title
In force from
Act 31 of 1963
Loan (Advance Deposits) Act 1963 12-09-1963
Act 160
Malaysian Currency (Ringgit) Act 1975 29-08-1975
No.
Title
–NIL–
11
Act 650
(Revised—2006)
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from 14(5)
Loan (Advance Deposits)
Act 1963 12-09-1963
12
Act 650
(Revised—2006)
LIST OF AMENDMENTS MADE BY THE COMMISSIONER OF
LAW REVISION UNDER SECTION 6 OF THE REVISION OF
LAWS ACT 1968 [ACT 1]
Provision
Particulars of amendment
Authority for amendment
Effective date
Words “25 May 1961” substituted for
“25th May, 1961”
s.6(l)(iii)
Enacting clause
Omitted s.6(l)(i)(f)
s. l
Comma after word “Act” omitted s.6(l)(xvi)
s. 2
Section 1
In definition “advance deposit” words
“subsection 14(1)” substituted for
“sub-section (1) of section 14”
s.6(l)(iii)
Section 2
In definition of “Bank” words “Central
Bank of Malaysia” substituted for
“Bank Negara Tanah Melayu”
s.6(l)(xvii)
s. 3(1)
Words
“provided in this
Act”
substituted for “hereinafter provided”
s.6(l)(xxb)
s. 3(3)
Word “thereof” omitted s.6(l)(xxb)
s. 4(b)
Section 1
Words “ Dewan Rakyat” substituted for “Dewan Ra’ayat”
s.6(l)(iii)
Section 2
Words “Financial Procedure Act 1957” substituted for “Financial
Procedure Ordinance, 1957”
s.6(l)(v)
Loan (Local)
13
s. 5
Word “hereby” omitted s.6(l)(xxi)
s.14(4)
Word “subsection (2)” substituted for
“sub-section (2)”
s.6(l)(iii)
Throughout the
Section 1
Act
Word “Malaysia” substituted for
“the Federation”
s.6(l)(iii)
Section 2
Word “ringgit” substituted for
“dollars”
s.6(l)(iii)
Section 3
Words “of it” substituted for
“thereof” except in subsection 3(3)
s.6(l)(xxi)
Section 4
Words “from it” substituted for
“therefrom”
s.6(l)(xxi)
Section 5
Words “the provision of” omitted s.6(l)(xxi)
Section 6
Words “on it” substituted for
“thereon”
s.6(l)(xxi)
Provision
Particulars of amendment
Authority for amendment
Common questions
- What is Loan (Local) Act 1961?
- Loan (Local) Act 1961 is Malaysia Act, cited as Act 650 1961, currently marked in force and first recorded in 1961.
- Is Loan (Local) Act 1961 still in force?
- Yes — Loan (Local) Act 1961 is currently in force.
- When did Loan (Local) Act 1961 take effect?
- Loan (Local) Act 1961 was first recorded in 1961.
- How many sections does Loan (Local) Act 1961 have?
- Loan (Local) Act 1961 contains 24 sections.
- Where can I read the official version of Loan (Local) Act 1961?
- The official text of Loan (Local) Act 1961 is published at lom.agc.gov.my.
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