ASIAN DEVELOPMENT BANK ACT 1966

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ASIAN DEVELOPMENT BANK ACT 1966
(Act 462)
First enacted … … … … … … 1966 (Act No. 51 of 1966)
Revised … … … … … … … 1991 (Act 462 w.e.f. 23 July 1991)
ARRANGEMENT OF SECTIONS
Section
1. Short title
2. Interpretation
3. Effect of ratification of the agreement
4. Power to subscribe to shares of the capital stock of the Bank
5. Sums payable to the Bank to be charged on the Consolidated Fund
6. Raising of money and issue of non-negotiable notes and creation of other obligations
7. Receipt
8. Orders for carrying the agreement into effect
An Act to enable effect to be given to an international agreement for the establishment and
operation of the Asian Development Bank and to enable Malaysia to become a member thereof
and to make provisions for matters connected therewith.
28 July 1966
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:
1. Short title
This Act may be cited as the Asian Development Bank Act 1966.
2. Interpretation
In this Act, unless the context otherwise requires—
“agreement” means the international agreement for the establishment and operation of the
Asian Development Bank signed at Manila, Philippines on 4 December 1965;
“Article” means Article of the agreement;
“Bank” means the Asian Development Bank established by the agreement;
“Minister” means the Minister of Finance.
3. Effect of ratification of the agreement
If the agreement is ratified by and on behalf of the Government of Malaysia and the agreement in
pursuance of Article 65 thereof enters into force (whether before, on or after such ratification),
the following sections shall have effect.
4. Power to subscribe to shares of the capital stock of the Bank
The Minister is hereby authorized to subscribe on behalf of the Government of Malaysia—
(a) to shares of the original authorized capital stock of the Bank in accordance with
section 1 of Article 5 in such amount as will not exceed twenty (20) million
United States dollars;
(b) where the original authorized capital stock of the Bank is increased in accordance
with section 2 of Article 5, to a proportion of the increase of stock as provided in
that section; and
(c) where the shares of Malaysia have been increased at the request of the
Government of Malaysia in accordance with section 3 of Article 5, to the amount
of such increase.
5. Sums payable to the Bank to be charged on the Consolidated Fund
(1) There shall be charged on the Consolidated Fund of Malaysia—
(a) all sums payable to the Bank by way of subscription to its paid-in capital stock,
under and in accordance with the methods of payment thereof as provided in
section 1 of Article 6;
(b) all sums payable to the Bank by way of subscription to its callable capital stock as
and when required by the Bank as specified under section 5 or Article 6;
(c) all sums payable to the Bank by way of increase of the shares of the Bank’s
capital stock subscribed by the Government of Malaysia in accordance with
sections 2 and 3 of Article 5;
(d) all sums payable to the Bank under any other provisions of the agreement; and
(e) all sums required for the redemption of any notes or obligations created and
issued to the Bank under section 6 of this Act.
(2) All the sums charged on the Consolidated Fund of Malaysia under this section may be
paid in gold or United States dollars or convertible currency or in Malaysian currency.
6. Raising of money and issue of non-negotiable notes and creation of other obligations
For the purpose of providing any sums charged on the Consolidated Fund of Malaysia under
section 5, the Minister may create an issue to the Bank in such form as he thinks fit any such
non-interest bearing and non-negotiable notes or other obligations as the Bank may, under
section 3 of Article 6, determine to accept in place of the whole or any part of such sums which
would, but for such acceptance by the Bank, be payable in Malaysian currency.
7. Receipt
All sums received by or on behalf of Malaysia from the Bank shall be paid into the Consolidated
Fund of Malaysia.
8. Orders for carrying the agreement into effect
(1) The Yang di-Pertuan Agong may by order make such provision as he may consider
reasonably necessary for carrying into effect the agreement relating to the status, immunities and
privileges of the Bank and its respective governors, executive directors, alternates, officers and
employees.
(2) Without prejudice to the generality of subsection (1), any order made under that
subsection may declare that any specified provisions of the agreement shall have the force of law
in Malaysia.
(3) Any order made under this section may be varied or revoked by a subsequent order.
(4) (1)Nothing in this section shall be construed as limiting the power of the Yang
di-Pertuan Agong under section 4 of the Diplomatic and Consular Privileges Ordinance 1957
[Ord. 53 of 1957], to declare the Bank to be such an organization as is mentioned in subsection
(1) of that or any power of the Yang di-Pertuan Agong under that Ordinance to confer on the
Bank or its officers or servants or on any other persons connected therewith any immunities or
privileges not specified in the agreement.