The Fund
Open ↗(1) There is hereby established, for the purposes of this Act, a fund to be administered by the Foundation.
(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) such contributions as may be made by any person including industry groups and corporations;
(c) such fees or other charges as may be paid to the Foundation or the Board; and
(d) all other sums or property which may in any manner become payable to the Foundation or the Board or vested in the Foundation in respect of any matter incidental to its functions and powers.
(3) The Foundation may delegate its function under subsection (1) to—
(a) any committee set up by the Foundation;
(b) the Board; or
(c) any officer of the Board.
(4) Any delegation under subsection (3) shall not prevent the concurrent performance by the Foundation of the Foundation’s function so delegated.
Expenditure charged on the Fund
Open ↗The Fund shall be expended for the purpose of—
(a) paying any expenditure lawfully incurred by the Foundation or the Board including fees and costs, legal or otherwise, and the remuneration of officers and servants employed by the Foundation, including the granting of loans, superannuation allowances or gratuities;
(b) paying any other expenses, costs or expenditure properly incurred or accepted by the Foundation or the Board 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 of the Foundation or the Board in the performance of its functions or the exercise of its powers under this Act;
(d) generally, paying any expenses for carrying into effect the provisions of this Act.
Foundation’s financial year
Open ↗The financial year of the Foundation shall begin on the first day of January and end on the thirty-first day of December in each year.
Investment
Open ↗The moneys of the Fund shall, in so far as they are not required to be expended by the Foundation under this Act, be invested in such manner as may be deemed suitable by the Foundation.
Annual report
Open ↗The Foundation shall, as soon as practicable after the end of each financial year, prepare a report on the activities of both the Foundation and the Board during that financial year and send a copy of the report to the Minister who shall cause a copy thereof to be laid before both Houses of Parliament.
Accounts
Open ↗(1) The Foundation shall cause proper accounts of the Fund to be kept and shall, as soon as practicable after the end of each financial year, cause to be prepared for that financial year a statement of accounts of the Foundation which shall include a balance sheet, a statement of income and expenditure and a cash flow statement.
(2) The Foundation shall cause its statement of accounts to be audited by such auditors as it may appoint.
(3) The Foundation shall as soon as practicable send a copy of the audited statement of accounts together with a copy of the auditor’s report thereon to the Minister who shall cause a copy thereof to be laid before both Houses of Parliament.
Non-application of Act 240
Open ↗The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall not apply to the Foundation.
Power to borrow
Open ↗The Foundation 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 Foundation for meeting any of its or the Board’s obligations or performing any of its or the Board’s functions.
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).
