Section 1
This Act may be cited as the International Monetary Fund
(Ratification of Amendments to the Articles of Agreement) Act 1969.
/akn/my/act/act/1969/12
INTERNATIONAL MONETARY FUND (RATIFICATION OF AMENDMENTS TO THE ARTICLES OF AGREEMENT) ACT 1969
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About this act
INTERNATIONAL MONETARY FUND (RATIFICATION OF AMENDMENTS TO THE ARTICLES OF AGREEMENT) ACT 1969 is Malaysia Act, cited as Act 12 1969, currently marked in force and first recorded in 1969.
Opening note
Preamble
- An Act to provide for the ratification of the amendments to the Articles of Agreement of the International Monetary Fund, pursuant to Resolution No. 23—5 approved by the Board of Governors of the International Monetary Fund, on 31 May 1968, and other matters connected with it. [Throughout Malaysia—2 May 1969] BE IT 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
Section 2
Interpretation
“Articles of Agreement” means Articles of Agreement of the said Fund;
“International Monetary Fund” (hereinafter referred to as the
“Fund”) means the International Monetary Fund of which Malaysia is a member by virtue of section 3 of the Bretton Woods Agreements
Act 1957 [Act 472]*;
*NOTE—Act 472 first enacted as the Bretton Woods Agreements Ordinance 1957 [Ord.
No. 75 of 1957] and revised as Act 472 w.e.f. 16 September 1991.
Section 012e
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ACT 12
“Special Drawing Account” means the account through which the Fund will conduct all operations and transactions involving
Special Drawing Rights to be established under the Articles of
Agreement as amended.
Authorization to ratify amendments of Articles of Agreement of the Fund and to participate in the Special Drawing Account 3.
The Yang di-Pertuan Agong may by instrument under his hand empower such person as he may name in such instrument—
(a)
to accept on behalf of Malaysia the amendments to the
Articles of Agreement of the Fund annexed to the
April 1968 Report by the Executive Directors to the
Board of Governors of the Fund, for the purpose of—
(ii)
giving effect to certain changes in the rules and practices of the Fund; and
(b)
to deposit on behalf of Malaysia with the Fund an instrument setting forth that the Government, in accordance with the law in Malaysia, undertakes all the obligations of a participant in the Special Drawing
Account established by the Fund under the said amendments and that the Government has taken all steps necessary to enable it to carry out all of these obligations.
Payments and receipts in connection with Special Drawing
Account
Section 4
(1)
In the event that Malaysia becomes a participant in the
Special Drawing Account, the following subsections shall have effect.
(2)
Special Drawing Rights allocated to Malaysia under Article
XXIV of the Articles of Agreement as amended and those otherwise acquired by Malaysia, shall be credited to the Federal
Consolidated Fund.
(3)
All proceeds arising from the use of Special Drawing
Rights by Malaysia, and payments of interest to Malaysia under 012e.fm Page 6 Monday, March 27, 2006 11:33 AM
International Monetary Fund (Ratification of Amendments to the Articles of Agreement) 7
Articles XXVI, XXX and XXXI of the Articles of Agreement as amended, shall be credited to the Federal Consolidated Fund.
(4)
Currency payments by Malaysia in return for Special Drawing
Rights, and payments of charges or assessments under Articles
XXVI, XXX, and XXXI of the Articles of Agreement as amended, shall be charged on the Federal Consolidated Fund.
Power of the Government to assign rights and obligations under the Special Drawing Account to Bank Negara Malaysia 5.
(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, being rights and obligations which arise out of the deposit with the Fund of an instrument under paragraph 3(b).
(a)
the rights and obligations referred to shall, notwithstanding the provisions of the Central Bank of
Malaysia Act 1958 [Act 519]*, be deemed to be the rights and obligations of Bank Negara Malaysia and section 4 shall cease to apply to the Federal
Consolidated Fund; and
(b)
without prejudice to any other powers of Bank Negara
Malaysia as may be provided in the Central Bank of
Malaysia Act 1958, Bank Negara Malaysia shall have the following powers, that is to say:
(i)
to receive for its own account, Special Drawing
Rights allocated to Malaysia under Article XV of the Articles of Agreement as amended and those otherwise acquired by Malaysia;
(ii)
to include Special Drawing Rights, in it reserves of external assets to be held pursuant to section 28 of the Central Bank of Malaysia Act 1958;
(iii)
to receive for its own account, all proceeds arising from the use of Special Drawing Rights by Malaysia and payments of interest to
*NOTE—Act 519 first enacted as the Central Bank of Malaysia Ordinance 1958 [Ord.
No. 61 of 1958] and revised as Act 519 w.e.f. 18 May 1994.
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ACT 12
Malaysia under Articles XX, XXIV and XXV of the Articles of Agreement as amended; and
(iv)
to make currency payments in return for Special
Drawing Rights and payments of charges or assessments under Articles XX, XXIV and
XXV of the Articles of Agreement as amended.
Act in relation to Act 472
Section 6
The Bretton Woods Agreements Act 1957, shall be read subject to this Act.
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Act 12
LIST OF AMENDMENTS
Amending Law
Short title
In force from
Act 184
International Monetary Fund (Ratification of Second Amendment to the Articles of
Agreement) Act 1977 10-06-1977 012e.fm Page 9 Monday, March 27, 2006 11:33 AM
10
Act 12
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from 5
Act 184 10-06-1977 012e.fm Page 10 Monday, March 27, 2006 11:33 AM
Common questions
- What is AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969?
- INTERNATIONAL MONETARY FUND (RATIFICATION OF AMENDMENTS TO THE ARTICLES OF AGREEMENT) ACT 1969 is Malaysia Act, cited as Act 12 1969, currently marked in force and first recorded in 1969.
- Is AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 still in force?
- Yes — AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 is currently in force.
- When did AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 take effect?
- AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 was first recorded in 1969.
- How many sections does AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 have?
- AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 contains 7 sections.
- Where can I read the official version of AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969?
- The official text of AKTA KUMPULAN WANG ANTARABANGSA (PENGESAHAN PINDAAN PERKARA-PERKARA PERJANJIAN) 1969 is published at lom.agc.gov.my.