Section 4
Implementation of obligations under any extended credit arrangement
Subject to this Act but notwithstanding anything contained in any other existing law any extended credit arrangement entered into under section 3 and any bond, promissory note or other instrument issued pursuant to such arrangement and any guarantee or undertaking given in respect of any such arrangement, bond, promissory note or instrument by the Minister shall be valid and enforceable and have full force and effect in Malaysia in accordance with their respective terms.
(2)
Without prejudice to the generality of subsection (1), the
Minister may by order published in the Gazette—
(a)
provide that any tax or duty payable under any written law relating to income tax or stamp duty respectively shall be remitted where such remission is necessary to give full and complete effect to any such arrangement, bond, promissory, note, instrument or guarantee; and
(b)
give such exemptions from exchange control as he considers necessary to any transaction required to give effect to the payment of any sum in accordance with the terms of any such arrangement, bond, promissory note, instrument or guarantee notwithstanding the provisions of any written law relating to exchange control.
8
Act 405
LIST OF AMENDMENTS
Amending law
Short title
In force from
Act A185
Extended Credit (Amendment) Act 30-03-1973 1973
Act A477
Loan (Local) External and Extended 01-02-1980
Credit (Amendment) Act 1980
9
Extended Credit
Act 405
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from 3
Act A185 30-03-1973
Act A477 01-02-1980
KUALA LUMPUR