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Loan (International Tin Buffer Stock) Act 1971

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41

Incorporating all amendments up to 1 January 2007

Date of Royal Assent ... ... ... ...

30 August 1971

Date of publication in the Gazette ... ...

2 September 1971

Date of coming into operation ... ...

Throughout Malaysia - 1 July 1971

ACT 41 
LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 

1.Short title and commencement

2.Interpretation

3.Power to raise loan

4.Loan to be charged upon the Consolidated Fund

5.Application of loan

6.Repayment of loan

An Act to authorize the borrowing of a sum not exceeding the sum of ninety-two million ringgit in order to finance the payment of Malaysia's share in the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971, and for purposes incidental thereto.

[Throughout Malaysia--1 July 1971]

BE IT ENACTED by the Seri Paduka Baginda Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows:

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/1.Short title and commencement

1. Short title and commencement

This Act may be cited as the Loan (International Tin Buffer Stock) Act 1971 and shall be deemed to have come into force on 1 July 1971.

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/2.Interpretation

2. Interpretation

In this Act unless the context otherwise requires--

"Buffer Stock"

means the Buffer Stock established under Article 20 of the International Tin Agreement 1971;

"Fourth Buffer Stock"

means the Buffer Stock to be established under Article 20 of the International Tin Agreement 1971;

"Minister"

means the Minister for the time being charged with responsibility for finance;

"tin concentrates"

has the meaning assigned to the term by the Tin Control Act 1954 [ Act 362].

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/3.Power to raise loan

3. Power to raise loan

(1) The Minister is authorized, subject to this Act, from time to time to raise within or outside Malaysia a sum of money not exceeding in the whole the sum of ninety-two million ringgit.

(2) All moneys raised under this Act shall be raised by way of loans, within or outside Malaysia, and upon such terms and conditions as the Minister may think fit.

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/4.Loan to be charged upon the Consolidated Fund

4. Loan to be charged upon the Consolidated Fund

The principal moneys raised under this Act together with all interest thereon are charged on the Consolidated Fund.

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/5.Application of loan

5. Application of loan

The moneys raised under this Act shall be applied and are appropriated for the purposes of paying Malaysia's contribution to the Fourth Buffer Stock; and the Minister may apply any of such moneys to the purchase of tin metal to the extent that Malaysia is required or permitted to contribute tin metal to the Fourth Buffer Stock.

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/6.Repayment of loan

6. Repayment of loan

(1) Notwithstanding subsection 13(2) of the Financial Procedure Act 1957 [Act 61], sums raised under this Act together with interest due thereon shall be repaid from the proceeds of any levy payable on tin concentrates mined in the Federation and imposed expressly for this purpose.

(2) If the whole sum raised under this Act together with interest due thereon has not been repaid within two years from the date of expiry of the International Tin Agreement 1971 the Minister shall appropriate out of the Consolidated Fund and repay the sum outstanding together with interest due thereon.

Unannotated Statutes of Malaysia - Principal Acts/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 Act 41/LOAN (INTERNATIONAL TIN BUFFER STOCK) ACT 1971 ACT 41,,/LIST OF AMENDMENTS