Section 2

section 7 (which authorizes the Government to give guarantees and undertakings with respect to borrowings by statutory authorities from the International Bank for

Reconstruction and Development); and

so far as they relate to guarantees and undertakings by the

Government, sections 11 and 12 (which contain supplementary provisions for the implementation, among other things, of any such guarantee or undertaking), save that for the words “1950” in subsection 12(5), there shall be substituted therefor the words “1960”,

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shall apply in relation to any borrowing from that Bank by the company called Malaysian Industrial Development Finance Limited as if the company were a statutory authority within the meaning of that Act, and the borrowing were made under subsection 5(1) of the

Act.

If any sum is paid out of the Consolidated Fund in respect of any liability incurred by the Government by virtue of subsection (1), the Minister shall as soon as possible after the end of each financial year beginning with that in which the sum was paid and ending with that in which all liability in respect thereof and any interest payable thereon is finally discharged by the company, lay before the Dewan

Rakyat a statement relating thereto.

The said paragraphs 12(2)(a) and (b) (which provides for exemptions from taxation and from exchange control) shall also apply in relation to any agreement concluded, whether before or after the passing of this Act, with the Bank by the company, with the approval of the Government, in respect of any borrowing by the company from the Bank, and to any bond, promissory note or instrument issued by the company pursuant to any such agreement, as they apply to the agreements and instruments there mentioned.

Ratification of Agreement of Guarantee