Section 2
Power to guarantee loans
of Loans Guarantee (Bodies Corporate) Act 1965
The Government may, in relation to any loan raised by any body corporate to which this Act has been declared to apply under section 3 (hereinafter referred to as “a body corporate” or “the body corporate,” as the case may be) guarantee the discharge by the body corporate of its obligations under any agreement which may be entered into in connection with the raising of the loan or under any bond, promissory note or other instrument issued pursuant to the agreement; and the said guarantee shall be in such manner and on such terms and subject to such conditions as may be agreed between the Government and the authority from which the loan is raised.
(2)
Any guarantee given under this section shall be given in writing in the name of the Government and the guarantee and any endorsement on any bond, promissory note or other instrument of any guarantee given under this section may be signed on behalf of the Government by the Minister or by any person authorized thereto in writing by the Minister.
(3)
Subject to subsection (4) the Minister shall, as soon as possible after a guarantee under this section is given, lay before the Dewan Rakyat a statement of the guarantee together with a copy of the agreement aforesaid.
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(4)
Subsection (3) shall not apply to a guarantee or to any agreement which is certified by the Minister to contain confidential matters; and it shall not apply to such a guarantee until and unless those matters cease to be confidential.