Small and Medium Industries Development Fund
(1) For the purposes of this Act the Corporation shall establish, administer and control a fund to be known as the “Small and Medium Industries Development Fund”.
(2) There shall be paid into the Fund—
(a) the launching grant of the Fund provided by the Government;
(b) such sums as may be provided from time to time by the Government;
(c) such sums borrowed by the Corporation under section 14;
(d) such sums as may be allocated from time to time to the Corporation from loan funds;
(e) all moneys earned by the Corporation for services provided or operation of any projects, schemes or enterprises;
(f) all donations and contributions received from within or outside Malaysia;
(g) all moneys earned or arising from any property, investment, mortgages, charges or debentures acquired by or vested in the Corporation; and
(h) all other moneys belonging to or which in any manner become payable to the Corporation in respect of any matter incidental to its functions, powers and duties.
(3) In this section and section 20, the expression “loan funds” means such sums as may be made available from time to time to the Government by way of loan.
Expenses to be charged on the Fund
The Fund shall be expended for—
(a) the payment of any expenses lawfully incurred by the Corporation, the remuneration of officers and servants appointed and employed by the Corporation, including superannuation allowances, pensions or gratuities;
(b) the payment of any charges on any amount which may be allocated to the Corporation from loan funds;
(c) paying any other expenses, cost or expenditure properly incurred by the Corporation in the execution of its duties or in the discharge of its functions including fees and costs for professional services rendered to the Corporation;
(d) repaying any moneys borrowed under this Act and the interest due thereon;
(e) the making of loans to officers and servants of the Corporation for purposes approved by the Minister; and
(f) generally, paying any expenses for carrying into effect the provisions of this Act.
Balancing of revenue account
It shall be the duty of the Corporation to conserve the revenue of the Fund by exercising its powers and functions under this Act in such a way as to ensure that the total revenue of the Corporation are, subject to any directions given by the Minister under section 34, sufficient to meet all sums properly chargeable to its revenue account, including depreciation and interest on capital, taking one year with another.
Deposit and investment of the Fund
The Corporation may, with the approval of the Minister, place the Fund on deposit with a bank in Malaysia or invested in the securities of the Government or such other securities as may be approved by the Minister with the concurrence of the Minister of Finance.
Expenditure and preparation of estimates
(1) The expenses of the Corporation up to such amount as may be authorized by the Minister for any year shall be defrayed out of the Fund.
(2) Before the beginning of September of each year, the Corporation shall submit to the Minister an estimate of its expenditure (including those for development projects) 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 Corporation of the amount authorized for expenditure generally or of amounts authorized for each description of expenditure.
(3) The Corporation may at any time submit to the Minister a supplementary estimate of expenditure for any one year and the Minister may allow the whole or any part of the additional expenditure included therein.
Statutory Bodies (Accounts and Annual Reports) Act 1980
The provisions of the Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall apply to the Corporation.
Surcharge
(1) A person who is or was in the employment of the Corporation may be surcharged if it appears to the Corporation that the person—
(a) has failed to collect any moneys owing to the Corporation for the collection of which he is or was responsible;
(b) is or was responsible for any improper payment of moneys from the Corporation or for any payment of such moneys which is not duly approved;
(c) is or was responsible, directly or indirectly, for any deficiency in, or for the destruction of, any moneys, stamps, securities, stores or other property of the Corporation;
(d) being or having been an accounting officer, fails or has failed to keep proper accounts or records; or
(e) has failed to make any payment, or is or was responsible for any delay in the payment, of moneys to any person to whom such payment is due under any law or under any contract, agreement or arrangement entered into between that person and the Corporation.
(2) The Corporation shall, before such person is surcharged serve on him a written notice calling on him to show cause why he should not be surcharged.
(3) If a satisfactory explanation is not received within fourteen days from the date of service of the aforesaid notice, the Corporation may—
(a) in the case of paragraphs (1)(a), (b) and (c), surcharge against such person a sum not exceeding the amount not collected, or of the improper payment made, or of the deficiency in or destruction of property caused; and
(b) in the case of paragraphs (1)(d) and (e), surcharge against such person, such sum as the Corporation may think fit.
(4) The Chief Executive Officer shall notify the person surcharged in respect of any surcharge made under subsection (3).
(5) Notwithstanding subsections (3) and (4) the Corporation may at any time withdraw any surcharge if it appears that no surcharge should have been made, and the Chief Executive Officer shall forthwith notify the person surcharged of such withdrawal.
(6) The amount of any surcharge made under subsection (3) and not withdrawn under subsection (5) shall be a debt due to the Corporation from the person surcharged and may be sued for and recovered in any court at the suit of the Corporation and may also if the Corporation so directs be recovered by deduction from—
(a) the salary of the person surcharged; or
(b) the pension of the person surcharged,
by equal monthly instalments not exceeding one-fourth of the total monthly salary or pension, as the case may be, of that person.
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).
