Section 9
Powers exercisable by Government in event of prospect of default by statutory authority
of Loans (Asian Development Bank) Act 1968
Where it is made to appear to the Yang di-Pertuan
Agong that there is reasonable cause to believe—
(a)
that a statutory authority is likely to fail or be unable to discharge any of its obligations under any agreement concluded by it with the Bank or under any bond, promissory note or other instrument issued pursuant to any such agreement; and
(b)
that the Government is or may become liable under any gurantee or other undertaking given in exercise of the powers conferred by subsection 7(1) in respect of such obligation, the Yang di-Pertuan Agong may by order give or authorize any other person to give such direction to the statutory authority as he or such other person may from time to time think necessary or desirable to ensure that satisfactory arrangements are made by the statutory authority to enable it duly to discharge its obligations under such agreement, bond, promissory note or instrument or under this Act.
(2)
The statutory authority shall notwithstanding any provision contained in the written law by which it is established comply with any directions given by or under any such order.
10 Laws of Malaysia ACT 410
(3)
Nothing in this section shall affect or derogate from any other power conferred by law on the Yang di-Pertuan Agong or any Minister or public officer in respect of the statutory authority.