Highway Authority Malaysia Fund
(1) The Authority shall establish and administer a fund called the “Highway Authority Malaysia Fund”.
(2) There shall be paid into the Fund—
(a) any grant made to the Authority from the Federal Consolidated Fund;
(b) all moneys collected or paid under subsection 15(1);
(c) all moneys borrowed by the Authority under section 16;
(d) all moneys earned or arising from any investment under section 17 or from any property, mortgages, charges or debentures, acquired by or vested in the Authority; and
(e) all other moneys that may in any manner become payable to or vested in the Authority.
Expenses to be charged on the Fund
The Fund shall be expended for the purpose of—
(a) defraying such expenditure as the Authority may properly incur in carrying out its functions and exercising its powers;
(b) repaying any moneys borrowed by the Authority under section 16 and the interest due thereon;
(c) lending to employees of the Authority for the purpose of purchasing or building dwelling houses or purchasing conveyances on such terms and conditions as may be prescribed; and
(d) generally, paying any expenses for carrying into effect the provisions of this Act.
Reserve fund
(1) The Authority shall establish and manage a reserve fund.
(2) The payment into and out of the reserve fund shall be determined by the Authority:
Provided that no part of the reserve fund shall be applied otherwise than for the purposes of the Authority.
Toll on vehicles using highways
(1) The Authority may, with the approval of the Minister and with the concurrence of the Minister of Finance, make orders for the imposition, variation, revision or abolition of toll on vehicles using highways and the orders may specify the nature, amount, rate and the manner of payment, of toll.
(2) Orders made under this section may prescribe different amounts and rates of toll for different types and categories of vehicles.
Power to borrow
The Authority may, from time to time, borrow in such forms and at such rate of interest and for such period and upon such terms as to the time and method of repayment and otherwise, as the Minister of Finance may approve, any sum required by the Authority for meeting any of its obligations or discharging any of its duties.
Power to invest
The Authority may, from time to time, with the approval of the Minister of Finance, invest the Fund or any part thereof, not
being immediately required for meeting the Authority’s obligations or carrying out its functions—
(a) in any investment or securities authorized for the investment of trust funds by any written law for the time being in force; or
(b) in such other investment or securities as the Authority may deem fit.
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).
