Section 2
Power to borrow by the issue of Treasury Bills
of Treasury Bills (Local) Act 1946
(1)
The Minister of Finance may borrow moneys by the issue, from time to time as he may deem expedient, in Malaysia, of
Treasury Bills in the form of entries in the records of the Bank under subsection 7(3). The sums so borrowed shall be such that the amount of Treasury Bills issued and outstanding at any time shall not exceed five thousand million ringgit.
(1A)
The Yang di-Pertuan Agong may, from time to time, by order, alter the amount specified in subsection (1); and every such order shall, as soon as possible after its publication in the Gazette, be laid by the Minister of Finance before the Dewan Rakyat.
(2)
The moneys received for Treasury Bills issued under this Act shall be applied, and are hereby appropriated, to the following purposes:
(a)
repayment of the moneys received under this Act, to such extent as the Minister of Finance may determine;
(b)
payment, with the prior approval of the Dewan Rakyat signified by resolution, into the Development Fund specified in the Second Schedule to the Financial
Procedure Act 1957 [Act 61], for the purposes of such
Fund.