Section 3

Any sums borrowed by the Government under the powers conferred by subsection (1) for the requirements of the Government shall be paid into the Development Fund and shall, notwithstanding the provisions of section 3 of the Development Funds Act 1966

[Act 406], be applied and are hereby appropriated to the purposes for which they were borrowed as specified in any agreement concluded with the Bank in respect of the sums so borrowed:

Provided that where any part of such sum cannot be applied to the purposes aforesaid such part may be applied to such other purposes as may be approved by the Minister and the Bank.

Any agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by subsection

shall be made in the name of the Government of Malaysia and may be signed on behalf of the Government by the Minister or by any person authorized thereto in writing by the Minister.

As soon as possible after the conclusion thereof a copy of any agreement concluded with the Bank in respect of any sum borrowed under the powers conferred by subsection (1) shall be laid by the Minister before each House of Parliament.

Nothing in the provisions of this section shall affect or derogate from any other existing power of the Government to borrow money.

Power to issue instrument including bonds