The Fund
(1) There is hereby established, for the purposes of this Act, a fund to be administered and controlled by the Authority.
(2) The Fund shall consist of—
(a) such sums as may be provided from time to time for the purposes of this Act by Parliament;
(b) sums borrowed by the Authority for the purposes of meeting any of its obligations or discharging any of its duties;
(c) levies payable under section 32;
(d) fees, costs or other charges imposed by the Authority under this Act or other laws relating to offshore financial services;
(e) any compound paid under this Act or other laws relating to offshore financial services; and
(f) all other sums or property which may in any manner become payable to or vested in the Authority in respect of any matter incidental to its functions and powers.
Expenditure to be charged on the Fund
The Fund shall be expended for the purpose of—
(a) paying any expenditure lawfully incurred by the Authority, including legal fees and costs and other fees and costs, and the remuneration of officers and servants of the Authority, including the granting of loans, superannuation allowances or gratuities;
(b) paying any other expenses, costs or expenditure properly incurred or accepted by the Authority in the performance of its functions or the exercise of its powers under this Act;
(c) purchasing or hiring equipment, machinery 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 this Act;
(d) repaying any moneys borrowed under this Act and the interest due thereon; and
(e) generally, paying any expenses for carrying into effect the provisions of this Act.
Conservation of Fund
It shall be the duty of the Authority to conserve the Fund by so performing its functions and exercising its powers under this Act as to secure that the total revenues of the Authority are sufficient to meet all sums properly chargeable to its revenue account including depreciation and interest on capital taking one year with another.
Levies
(1) An offshore financial institution shall be liable, in the case of any offshore financial service provided by it, to pay a levy to the Authority.
(2) For the purpose of subsection (1), the Minister may, by order published in the Gazette, specify such rates of levy as is necessary to meet the administrative and operating costs of the Authority; and different rates may be specified in respect of different classes of offshore financial services.
(3) The amount of any levy payable under this section shall be recoverable as a civil debt due to the Authority.
(4) The Minister may make regulations providing for—
(a) the payment of levies under this section;
(b) subject to the provisions relating to secrecy under any written law relating to offshore financial institutions, the keeping, examination and audit of the accounts of the offshore financial institutions relating to the collection of such levies.
Power to impose and collect fee
32 A. Notwithstanding any provision under any other law relating to offshore financial services, the Authority may, with the approval of the Minister, by order published in the Gazette, impose and collect any fee for any service provided by or on behalf of the Authority under this Act or any other law relating to offshore financial services and for the grant or issuance of any licence, permit, registration, approval or exemption which the Authority may grant or issue under any law.
Accounts and reports
(1) The Authority shall cause proper accounts of the Fund and proper reports of its activities to be kept and shall, as soon as practicable after the end of each financial year, cause to be prepared—
(a) a statement of accounts of the Authority which shall include a balance sheet and an account of income and expenditure; and
(b) a statement of its activities,
for that financial year.
(2) The Authority shall as soon as possible send a copy of the statement of accounts certified by the auditors and a copy of the auditor’s report to the Minister who shall cause them to be laid before both Houses of Parliament.
(3) The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall apply to the Authority.
Power to borrow
The Authority may from time to time, with the approval of the Minister, borrow, 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 may approve, any sums required by the Authority for meeting any of its obligations or performing any of its functions under this Act.
Investment
The moneys of the Authority shall, in so far as they are not required to be expended by the Authority under this Act, be invested in such manner as the Authority deems 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).
