Cost of managing the Foundation
(1) All expenses incidental to the management of the Foundation shall be defrayed from the moneys of the Foundation in priority to any other payments.
(2) The balance of the moneys of the Foundation after defraying the expenses referred to in subsection (1) shall be utilized for the purpose of achieving the objects of the Foundation.
(3) All moneys paid to the Foundation shall be kept with such approved financial institutions as the Minister shall from time to time direct.
Investment powers of the Board
The assets of the Foundation may be invested by the Board in investments for the time being authorized by law for the investment of trust funds or any other investments as may be authorized in writing by the Minister.
Audit and accounts
(1) The accounts of the Foundation shall be audited by an approved firm of Certified Public Accountants appointed by the Board with the written approval of the Minister.
(2) Not later than the 31st May of each year the Board shall submit to the Minister an audited account of the revenues and expenditure of the Foundation for the previous year together with a statement of assets and liabilities thereof.
Seal of the Board
(1) A common seal of the Board shall be in the custody of the Chairman and shall not be affixed to any instrument except in the presence of the Chairman or any other member of the Board authorized in writing by the Chairman.
(2) Any instrument bearing the seal of the Board so affixed and attested shall be deemed to have been made by the Board.
Appointment of officers and servants
The Board shall have power to appoint a Secretary to the Board and such other officers and servants as may be necessary for carrying out the duties and functions of the Board.
Liability for loss in investment
No member of the Board shall be liable for any loss arising from or contingent upon any investment made unless such loss has been occasioned by his wilful negligence, fraud or dishonesty; and no member of the Board, agent or person acting under the authority of the Board shall be personally liable to any action or proceeding for or in respect of any act, matter or thing done or omitted to be done in good faith and in the proper exercise of any of the rights or powers of the Board or members thereof.
Power to make regulations
(1) The Board may from time to time with the approval of the Minister make regulations for the proper carrying out of any of the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing powers such regulations may—
(a) prescribe the categories of awards and the amounts of financial grants in relation thereto;
(b) provide for the payment of salaries and allowances and conditions of service of its officers and servants;
(c) provide for the establishment and management of a superannuation or provident fund scheme for its officers and servants.
Liquidation
(1) If at any time the moneys or other assets of the Foundation are in the opinion of the Board insufficient to meet the expenses of the Foundation and other payments the Chairman of the Board shall forthwith make a report of that fact to the Minister.
(2) If on receipt of such report the Minister considers that an appeal for grants, donations, endowments or gifts should be made he shall forthwith direct the Board to make such appeals and the Board shall accordingly comply with such direction.
(3) If after the expiration of one year from the date any appeal is made under subsection (2) no adequate grants, donations, endowments or gifts are received by the Board, the Minister shall direct that the Foundation be liquidated; and proceedings for liquidation shall commence according to the regulations made under this Act.
Penal Code
All members, officers and servants of the Board shall be deemed to be public servants within the meaning of the Penal Code [Act 574] applicable.
Transfer into the Foundation of moneys in the hands of sponsors
Upon the commencement of this Act all moneys and other assets in the custody, control or management of any person by virtue of any authority whatsoever and donated to the Foundation or received by such person in anticipation of the promulgation of this Act together with any interest or dividends accrued thereon shall be deemed to form part of the Foundation and shall be transferred to and vested in the Board.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
