Skip to content
mylaw.myby aturio
In forceUpdated to 1 Nov 2014Read it in Bahasa Malaysia
Contents

Act of Parliament

International Islamic Trade Finance Corporation Act 2007

Membership in an international Islamic trade finance corporation

Official textFrom Laws of Malaysia Online, unchanged

s 1Short title and commencement

(1)

This Act may be cited as the International Islamic Trade

Finance Corporation Act 2007.

(2)

This Act comes into operation on a date the Agreement comes into operation for the Government of Malaysia pursuant to Article 53 of the Agreement.

6

s 2Interpretation

In this Act, unless the context otherwise requires—

“Member” means a country or an institution, which is a member of the Corporation;

“Government” means the Government of Malaysia;

“Chief Executive Officer” means the Chief Executive Officer of the Corporation;

“Board of Directors” means the Board of Directors of the

Corporation;

“Minister” means the Minister charged with the responsibility for finance;

“Corporation” means the International Islamic Trade Finance

Corporation established by the Agreement;

“General Assembly” means the General Assembly of the

Corporation;

“Agreement” means the international agreement for the establishment and operation of the International Islamic Trade

Finance Corporation signed in Kuwait City, Kuwait on 30 May 2006.

s 3Juridical personality of the Corporation

(1)

The Corporation shall have juridical personality and such legal capacities as are necessary for the exercise of its powers and the performance of its functions in accordance with the

Agreement.

(2)

Without prejudice to the generality of subsection (1), the

Corporation shall have the capacity to—

(a)

enter into contracts;

(b)

acquire, hold and dispose of movable and immovable property; and

7

International Islamic Trade Finance

Corporation Act 2007

(c)

institute legal proceedings in its name and defend any action brought against the Corporation in a court of competent jurisdiction.

s 4Power to subscribe to shares of the capital stock of the Corporation

The Minister is authorized to subscribe on behalf of the

Government—

(a)

to shares of the authorized capital stock of the Corporation in accordance with paragraph (1) of Article 10 of the

Agreement in such amount which shall not exceed the equivalent value of thirty million United States dollars;

(b)

where the authorized capital stock of the Corporation is increased at the request of the General Assembly in accordance with paragraph (3) of Article 10 of the

Agreement, 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 (6)

of Article 11 of the Agreement, to the amount of such increase.

s 5Sums payable to the Corporation to be charged on the Consolidated Fund

(1)

There shall be charged on the Consolidated Fund of the

Government—

(a)

all sums payable to the Corporation by way of subscription to its capital stock under and in accordance with the method of payment thereof as provided in Article 12

of the Agreement;

(b)

all sums payable to the Corporation by way of increased subscription by the Government to the Corporation’s capital stock in accordance with paragraph (6) of Article 11

of the Agreement;

8

(c)

any sum which the Government wishes to make as deposit with the Corporation under subparagraph (2)(b) of

Article 8 of the Agreement; and

(d)

all sums payable to the Corporation under any other provision of the Agreement.

(2)

All the sums charged on the Consolidated Fund of the

Government under this section shall be paid in United States dollars.

s 6Receipt

All sums received by or on behalf of the Government from the Corporation shall be paid into the Consolidated Fund of the

Government.

9

International Islamic Trade Finance

Corporation Act 2007

LIST OF AMENDMENTS

Amending law

Short title

In force from-NIL-

10

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from-NIL-