Section 19
Powers exercisable by Government in event or prospect of default by body corporate
of Loans and Loan Guarantees Ordinance, 1999
—
Where it is made to appear to the Majlis Mesyuarat
Kerajaan Negeri that there is reasonable cause to believe—
(a)
that a body corporate is likely to fail or be unable to discharge any of its obligations under any agreement concluded by it under this Ordinance or under any bonds or other securities issued pursuant to any such agreement; and
(b)
that the Government is or may become liable under any guarantee given under this Ordinance in respect of that obligation, the Majlis Mesyuarat Kerajaan Negeri may by order give or authorize any other person to give such directions to the body corporate as he or that other person may from time to time think necessary or desirable to ensure that satisfactory arrangements are made by the body corporate to enable it duly to discharge its obligations under such agreement, bonds or other securities under this Ordinance.
(2)
The body corporate shall, notwithstanding any provisions contained in the written law by which it is established, comply with any directions given by or under any such order.