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In forceUpdated to 1 Jan 2006Read it in Bahasa Malaysia
Contents

Act of Parliament

Loan (International Tin Buffer Stock) Act 1971

Borrowing to pay for a share in an international tin buffer stock

Official textFrom Laws of Malaysia Online, unchanged

s 1Short title and commencement

This Act may be cited as the Loan (International Tin Buffer

Stock) Act 1971 and shall be deemed to have come into force on 1 July 1971.

s 2Interpretation

In this Act unless the context otherwise requires—

“Buffer Stock” means the Buffer Stock established under

Article 20 of the International Tin Agreement 1971;

“Fourth Buffer Stock” means the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971;

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

“tin concentrates” has the meaning assigned to the term by the

Tin Control Act 1954 [Act 362].

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6

s 3Power to raise loan

(1)

The Minister is authorized, subject to this Act, from time to time to raise within or outside Malaysia a sum of money not exceeding in the whole the sum of ninety-two million ringgit.

(2)

All moneys raised under this Act shall be raised by way of loans, within or outside Malaysia, and upon such terms and conditions as the Minister may think fit.

s 4Loan to be charged upon the Consolidated Fund

The principal moneys raised under this Act together with all interest thereon are charged on the Consolidated Fund.

s 5Application of loan

The moneys raised under this Act shall be applied and are appropriated for the purposes of paying Malaysia’s contribution to the Fourth Buffer Stock; and the Minister may apply any of such moneys to the purchase of tin metal to the extent that Malaysia is required or permitted to contribute tin metal to the Fourth Buffer

Stock.

s 6Repayment of loan

(1)

Notwithstanding subsection 13(2) of the Financial

Procedure Act 1957 [Act 61], sums raised under this Act together with interest due thereon shall be repaid from the proceeds of any levy payable on tin concentrates mined in the Federation and imposed expressly for this purpose.

(2)

If the whole sum raised under this Act together with interest due thereon has not been repaid within two years from the date of expiry of the International Tin Agreement 1971 the

Minister shall appropriate out of the Consolidated Fund and repay the sum outstanding together with interest due thereon.

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7

LIST OF AMENDMENTS

Amending law

Short title

In force from

Act 160

Malaysian Currency (Ringgit) Act 1975 29-08-1975 041e.fm Page 7 Monday, March 27, 2006 3:30 PM

8

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from

NIL –

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