The Fund
Open ↗(1) For the purposes of this Act, there shall be established a Fund to be administered and controlled by the Council.
(2) The Fund shall consist of—
(a) such sums as may be provided from time to time by Parliament;
(b) any fees or charges payable under this Act;
(c) any property, investments, mortgages, charges or debentures acquired by or vested in the Council;
(d) money earned or arising from any property, investments, mortgages, charges or debentures acquired by or vested in the Council; and
(e) all other moneys or property which may in any manner become payable to or vested in the Council in respect of any matter incidental to its powers and duties.
(3) The Fund shall be expended for the purpose of paying all expenses properly incurred by the Council in the execution of its functions under this Act.
(4) The Council may invest in securities of the Government of Malaysia or such other securities as may be approved in writing by the Minister of Finance such moneys of the Fund as are not immediately required to be expended under this Act.
Estimates of income and expenditure
Open ↗(1) The Council shall, not later than the 1st November of each year, submit to the Minister estimates of the income and expenditure of the Council for the following year.
(2) The Minister may disallow, alter, modify or add any item in such estimates.
(3) The Council may at any time submit to the Minister a supplementary estimate for any one year and the Minister may allow the whole or any part of the additional expenditure included therein.
Accounts and audit
Open ↗(1) The Council shall keep proper accounts and other records in respect of its operations and shall prepare a statement of accounts in respect of each year.
(2) The accounts of the Council shall be audited annually by such auditor as may be appointed by the Council with the approval in writing of the Minister of Finance.
(3) As soon as the accounts of the Council have been audited, the Council shall cause a copy of the audited statement of accounts to be submitted to the Minister, together with a copy of any observations made by the auditor appointed under subsection (2) on the statement or on the accounts of the Council.
(4) The Minister shall cause a copy of the statement and observations submitted to him under subsection (3) to be laid on the table of each House of Parliament.
Annual report
Open ↗(1) The Council shall, not later than the 30th June of each year, cause to be made and submitted to the Minister a report dealing with the activities of the Council during the preceding year and containing such information relating to the proceedings and policy of the Council as the Minister may from time to time require.
(2) The Minister shall cause a copy of every report submitted to him under subsection (1) to be laid on the table of each House of Parliament.
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).
