Section 1
This Act may be cited as the Islamic Development Bank Act 1975.
/akn/my/act/act/1975/153
ISLAMIC DEVELOPMENT BANK ACT 1975
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- Type
- Act
- Status
- In force
- Enacted
- 1975
- Sections
- 8
- Languages
- MS · EN
Quick answer
About this act
ISLAMIC DEVELOPMENT BANK ACT 1975 is Malaysia Act, cited as Act 153 1975, currently marked in force and first recorded in 1975.
Opening note
Preamble
- An Act to give effect to an international agreement for the establishment and operation of the Islamic Development Bank and to enable Malaysia to be a member thereof and to make provisions for matters connected therewith. [21 February 1975]
Opening note
Preamble
- WHEREAS at the Conference of the Ministers of Finance of Muslim countries which met at Jeddah, Saudi Arabia in August 1974, an agreement establishing the Islamic Development Bank was signed; AND WHEREAS the Government of Malaysia participated in the said Conference and signed at the conclusion thereof the said agreement and is now desirous of ratifying the said agreement and thereby becoming a member of the said Bank; AND WHEREAS copies of the texts of the said agreement have been laid before Parliament by command of the Yang di-Pertuan Agong; NOW THEREFORE, 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
“agreement” means the international agreement for the establishment and operation of the Islamic Development Bank signed in Jeddah, Saudi Arabia on 12 August 1974;
6
“Article” means Article of the agreement;
“Bank” means the Islamic Development Bank established by the agreement;
“Minister” means the Minister for the time being charged with the responsibility for finance.
Section 3
Effect of ratification of the agreement
If the agreement is ratified by and on behalf of the Government of Malaysia and the agreement comes into force pursuant to Article 68 thereof, the provisions of this Act shall have effect.
Section 4
Power to subscribe to shares of the capital stock of the Bank
The Minister is hereby authorized to subscribe on behalf of the
(a)
to shares of the authorized capital stock of the Bank in accordance with paragraph 1 of Article 5 in such amount as will not exceed the equivalent of twenty million United
States dollars;
(b)
where the authorized capital stock of the Bank is increased at the request of the Board of Governors of the Bank in accordance with paragraph 4 of Article 5, to a proportion of the increase of stock as provided in that paragraph; and
(c)
where the shares of the Government have been increased at the request of the Government under paragraph 5 of
Article 5, to the amount of such increase.
Sums payable to the Bank to be charged on the Consolidated
Fund
Section 5
Government—
(a)
all sums payable to the Bank by way of subscription to its capital stock under and in accordance with the method of payment thereof as provided in Article 6;
(b)
all sums payable to the Bank by way of increased subscription by the Government to the Bank’s capital stock in accordance with paragraphs 4 and 5 of Article 5;
(c)
any sum which the Government wishes to make as deposit with the Bank under Article 8; and
Islamic Development Bank 7
(2)
All the sums charged on the Federal Consolidated Fund under this section may be paid in Islamic Dinar, Malaysian currency,
United States dollars or in any other convertible currency.
Raising of money and issue of non-negotiable notes and creation of other obligations
Section 6
For the purpose of providing any sums charged on the Federal
Consolidated Fund under section 5, the Minister may create and issue to the Bank in such form as he thinks fit any such non-interest bearing and non-negotiable notes or other obligations as the Bank may under Article 24 determine to accept in place of the whole or any part of sums which would, but for such acceptance by the Bank, be payable in Malaysian currency.
Section 7
Receipt
All sums received by or on behalf Malaysia from the Bank shall be paid into the Federal Consolidated Fund.
Section 8
Orders for carrying the agreement into effect
(2)
Without prejudice to the generality of the provisions of subsection (1), any order made under that subsection may declare that any specified provisions of the agreement shall have the force of law in Malaysia.
(3)
Any order made under this section may be varied or revoked by a subsequent order.
(4)
Nothing in this section shall be construed as limiting the power of the Yang di-Pertuan Agong under section 4 of the Diplomatic and Consular Privileges Ordinance 1957 [Ord. 53 of 57]*, to declare the Bank to be such an organization as is mentioned in
* NOTE—This Act has been repealed–see section 5 of Diplomatic Privileges (Vienna Convention)
(Amendment) Act 1999 [Act A1064].
8
subsection (1) of that section or any power of the Yang di-Pertuan
Agong under that Ordinance to confer on the Bank or its officers or servants or on any other persons connected therewith any immunities or privileges not specified in the provisions of the agreement.
Islamic Development Bank 9
Act 153
LIST OF AMENDMENTS
Amending law
Short title
In force from
— NIL —
10
Act 153
LIST OF SECTIONS AMENDED
Section
Amending Authority
In force from
— NIL —
KUALA LUMPUR
Common questions
- What is AKTA BANK PEMBANGUNAN ISLAM 1975?
- ISLAMIC DEVELOPMENT BANK ACT 1975 is Malaysia Act, cited as Act 153 1975, currently marked in force and first recorded in 1975.
- Is AKTA BANK PEMBANGUNAN ISLAM 1975 still in force?
- Yes — AKTA BANK PEMBANGUNAN ISLAM 1975 is currently in force.
- When did AKTA BANK PEMBANGUNAN ISLAM 1975 take effect?
- AKTA BANK PEMBANGUNAN ISLAM 1975 was first recorded in 1975.
- How many sections does AKTA BANK PEMBANGUNAN ISLAM 1975 have?
- AKTA BANK PEMBANGUNAN ISLAM 1975 contains 8 sections.
- Where can I read the official version of AKTA BANK PEMBANGUNAN ISLAM 1975?
- The official text of AKTA BANK PEMBANGUNAN ISLAM 1975 is published at lom.agc.gov.my.