Section 1
This Act may be cited as the Loan (International Tin Buffer
Stock) Act 1971 and shall be deemed to have come into force on 1 July 1971.
/akn/my/act/act/1971/41
LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971
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- Type
- Act
- Status
- In force
- Enacted
- 1971
- Sections
- 9
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Quick answer
About this act
LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 is Malaysia Act, cited as Act 41 1971, currently marked in force and first recorded in 1971.
Opening note
Preamble
- An Act to authorize the borrowing of a sum not exceeding the sum of ninety-two million ringgit in order to finance the payment of Malaysia’s share in the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971, and for purposes incidental thereto. [Throughout Malaysia—1 July 1971] 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 and commencement
Section 2
Interpretation
“Buffer Stock” means the Buffer Stock established under
Article 20 of the International Tin Agreement 1971;
“Fourth Buffer Stock” means the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971;
“Minister” means the Minister for the time being charged with responsibility for finance;
“tin concentrates” has the meaning assigned to the term by the
Tin Control Act 1954 [Act 362].
Section 041e
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6
ACT 41
Power to raise loan
Section 3
(1)
The Minister is authorized, subject to this Act, from time to time to raise within or outside Malaysia a sum of money not exceeding in the whole the sum of ninety-two million ringgit.
(2)
All moneys raised under this Act shall be raised by way of loans, within or outside Malaysia, and upon such terms and conditions as the Minister may think fit.
Loan to be charged upon the Consolidated Fund
Section 4
The principal moneys raised under this Act together with all interest thereon are charged on the Consolidated Fund.
Section 5
Application of loan
The moneys raised under this Act shall be applied and are appropriated for the purposes of paying Malaysia’s contribution to the Fourth Buffer Stock; and the Minister may apply any of such moneys to the purchase of tin metal to the extent that Malaysia is required or permitted to contribute tin metal to the Fourth Buffer
Stock.
Section 6
Repayment of loan
(1)
Notwithstanding subsection 13(2) of the Financial
Procedure Act 1957 [Act 61], sums raised under this Act together with interest due thereon shall be repaid from the proceeds of any levy payable on tin concentrates mined in the Federation and imposed expressly for this purpose.
(2)
If the whole sum raised under this Act together with interest due thereon has not been repaid within two years from the date of expiry of the International Tin Agreement 1971 the
Minister shall appropriate out of the Consolidated Fund and repay the sum outstanding together with interest due thereon.
Section 041e
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7
Act 41
LIST OF AMENDMENTS
Amending law
Short title
In force from
Act 160
Malaysian Currency (Ringgit) Act 1975 29-08-1975 041e.fm Page 7 Monday, March 27, 2006 3:30 PM
8
Act 41
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from
– NIL –
Common questions
- What is AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971?
- LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 is Malaysia Act, cited as Act 41 1971, currently marked in force and first recorded in 1971.
- Is AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 still in force?
- Yes — AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 is currently in force.
- When did AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 take effect?
- AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 was first recorded in 1971.
- How many sections does AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 have?
- AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 contains 8 sections.
- Where can I read the official version of AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971?
- The official text of AKTA PINJAMAN (STOK PENIMBAL TIMAH ANTARABANGSA) 1971 is published at lom.agc.gov.my.