Malaysia legislation
Section 2
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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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