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Statutory Bodies (Power to Borrow) Act 1999

LAWS OF MALAYSIA

REPRINT

Act 598

STATUTORY BODIES (POWER TO

BORROW) ACT 1999

Incorporating all amendments up to 1 January 2006 PUBLISHED BY

THE COMMISSIONER OF LAW REVISION, MALAYSIA

UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968 IN COLLABORATION WITH

PERCETAKAN NASIONAL MALAYSIA BHD

2006

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STATUTORY BODIES (POWER TO BORROW)

ACT 1999

Date of Royal Assent ... ... ... ... ... 27 August 1999 Date of publication in the Gazette ... ... 9 September 1999 PREVIOUS REPRINT

First Reprint ... ... ... ... ... 2001

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LAWS OF MALAYSIA

Act 598

STATUTORY BODIES (POWER TO BORROW)

ACT 1999

ARRANGEMENT OF SECTIONS

Section

1. Short title

2. Interpretation

3. Application

4. Conflict or inconsistency

5. Approval of Minister and Minister of Finance 4 Laws of Malaysia ACT 598

Statutory Bodies (Power to Borrow) 5

LAWS OF MALAYSIA

Act 598

STATUTORY BODIES (POWER TO BORROW)

ACT 1999

An Act to regulate the exercise of the power to borrow by all statutory bodies established by federal law and by all companies and corporations established by the statutory bodies, and for matters connected therewith.

[10 September 1999]

ENACTED by the Parliament of Malaysia as follows: Short title

1. This Act may be cited as the Statutory Bodies (Power to Borrow) Act 1999.

Interpretation

2. In this Act, unless the context otherwise requires-- "company" means a company incorporated under subsection 4(1) of the Companies Act 1965 [Act 125] by a statutory body pursuant to the powers conferred upon the statutory body under the federal law by which it was established;

"corporation" means a corporation established by a statutory body pursuant to the powers conferred upon the statutory body under the federal law by which it was established; "Minister", in relation to a statutory body, means the Minister for the time being responsible for the statutory body; "statutory body" means any body that is established by federal law.

6 Laws of Malaysia ACT 598

Application

3. (1) This Act shall apply to all statutory bodies and all companies and corporations established by the statutory bodies. (2) The provisions of this Act shall be read together and construed as one with the provisions of the federal law by which the statutory body or its corporation is established.

Conflict or inconsistency

4. (1) In the event of any conflict or inconsistency between the provisions of this Act and those of the federal law by which the statutory body or its corporation is established, the provisions of this Act shall supersede the conflicting or inconsistent provisions of that federal law to the extent of the conflict or inconsistency. (2) The provisions of any federal law which are consistent or not in conflict with the provisions of this Act shall continue to apply.

Approval of Minister and Minister of Finance

5. A statutory body, or a company or corporation established by a statutory body, shall not borrow money without the prior approval of the Minister and the Minister of Finance.

Statutory Bodies (Power to Borrow) 7

LAWS OF MALAYSIA

Act 598

STATUTORY BODIES (POWER TO BORROW)

ACT 1999

LIST OF AMENDMENTS

Amending law Short title In force from

­ NIL ­

8 Laws of Malaysia ACT 598

LAWS OF MALAYSIA

Act 598

STATUTORY BODIES (POWER TO BORROW)

ACT 1999

LIST OF AMENDMENTS

Amending law Short title In force from

-- NIL --

DICETAK OLEH

PERCETAKAN NASIONAL MALAYSIA BERHAD,

KUALA LUMPUR

BAGI PIHAK DAN DENGAN PERINTAH KERAJAAN MALAYSIA