The Fund
(1) There is hereby established, for the purposes of this Act, a fund to be administered and controlled by the Board.
(2) The Fund shall consist of—
(a) such sums as may be provided from time to time by Parliament;
(b) such sums as may be paid from time to time to the Board from loans made by the Board;
(c) monies earned by the operation of any project, scheme or enterprise financed from the Fund;
(d) monies earned or arising from any property, investments, mortgages, charges or debentures acquired by or vested in the Board;
(e) any property, investments, mortgages, charges or debentures acquired by or vested in the Board;
(f) sums borrowed by the Board for the purposes of meeting any of its obligations or discharging any of its duties; and
(g) all other sums or property which may in any manner become payable to or vested in the Board in respect of any matter incidental to its functions, powers and duties.
Conservation of Fund
It shall be the duty of the Board to conserve the Fund by so performing, exercising and discharging its functions, powers and duties under this Act as to secure that the total revenues of the Board are, subject to any directions given by the Minister, sufficient to meet all sums properly chargeable to its revenue account, including depreciation and interest on capital, taking one year with another.
Expenditure to be charged on the Fund
The Fund shall be expended for the purpose of—
(a) paying any expenditure lawfully incurred by the Board, including legal fees and other fees and costs, and the remuneration of officers and servants appointed and employed by the Board, including superannuation allowances, pensions and gratuities;
(b) paying any other expenses, costs or expenditure properly incurred or accepted by the Board in the performance of its functions or the exercise of its powers under section 4;
(c) purchasing or hiring equipment, machinery, stores and any other materials, acquiring land and erecting buildings, and carrying out any other works and undertakings in the performance of its functions or the exercise of its powers under section 4;
(d) repaying any monies borrowed under this Act and the interest due thereon; and
(e) generally, paying any expenses for carrying into effect the provisions of this Act.
Expenditure and preparation of estimates
(1) The expenditure of the Board up to such amount as may be authorized by the Minister for any one year shall be defrayed out of the Fund.
(2) Before the beginning of September of each year, the Board shall submit to the Minister an estimate of the expenditure for the following year in such form and containing such particulars as the Minister may direct; and the Minister shall, before the beginning of the following year, notify the Board of the amount authorized for expenditure generally or the amounts authorized for each description of expenditure.
(3) The Board 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.
Statutory Bodies (Account and Annual Reports) Act 1980
The provisions of the Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall apply to 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).
