Section 1
This Act may be cited as the Loan Guarantee Act 1972.
/akn/my/act/act/1972/66
LOAN GUARANTEE ACT 1972
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- Type
- Act
- Status
- In force
- Enacted
- 1972
- Sections
- 6
- Languages
- MS · EN
Quick answer
About this act
LOAN GUARANTEE ACT 1972 is Malaysia Act, cited as Act 66 1972, currently marked in force and first recorded in 1972.
Opening note
Preamble
- An Act to provide for the application of certain provisions of the Loans (Asian Development Bank) Act 1968 [Act 410], to a guarantee by the Federation of a loan by the Asian Development Bank to Malaysian Industrial Development Finance Limited and for matters connected therewith. [1 March 1972] 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
Provisions of Act 410 applying to loan
(1)
The following provisions of the Loans (Asian
Development Bank) Act 1968, namely:
(a)
section 7 (which authorizes the Government to give guarantees and undertakings with respect to borrowings by statutory authorities from the Asian
Development Bank); and
(b)
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”, shall apply in relation to any borrowing from that Bank by the company called Malaysian Industrial Development Finance 066e.fm Page 5 Friday, March 31, 2006 4:07 PM
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ACT 66
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 that Act.
(2)
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 beginning with the sitting of the House of Representatives immediately after any such 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 House of Representatives at each of its sittings a statement relating thereto.
(3)
Paragraph 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
Section 3
The agreement of guarantee heretofore concluded between the Government in the name of the Federation and the Bank is hereby ratified and validated in all respects and shall have effect for all purposes as if the provisions of this Act had been in force on such date and the said agreement had been duly concluded and executed in exercise of the powers conferred by or under this Act.
Section 4
Extension to other companies
If a resolution be passed by the House of Representatives that section 2 of this Act shall apply to any company, as they apply to the Malaysian Industrial Development Finance Limited, then the
Minister may, by Order published in the Gazette, declare that the said provisions of the Act shall apply to that company.
Section 066e
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LIST OF AMENDMENTS
LIST OF SECTIONS AMENDED
Amending law
Short title
In force from
– NIL –
Section
Amending authority
In force from
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Common questions
- What is LOAN GUARANTEE ACT 1972?
- LOAN GUARANTEE ACT 1972 is Malaysia Act, cited as Act 66 1972, currently marked in force and first recorded in 1972.
- Is LOAN GUARANTEE ACT 1972 still in force?
- Yes — LOAN GUARANTEE ACT 1972 is currently in force.
- When did LOAN GUARANTEE ACT 1972 take effect?
- LOAN GUARANTEE ACT 1972 was first recorded in 1972.
- How many sections does LOAN GUARANTEE ACT 1972 have?
- LOAN GUARANTEE ACT 1972 contains 5 sections.
- Where can I read the official version of LOAN GUARANTEE ACT 1972?
- The official text of LOAN GUARANTEE ACT 1972 is published at lom.agc.gov.my.