The Fund
(1) For the purposes of this Act, a fund to be known as the “Malaysian Pepper Board Fund”, is established.
(2) The Fund shall be controlled, maintained and operated by the Board.
(3) The Fund shall consist of—
(a) such sums as may be provided for the purposes of this Act by the Federal or any State Government;
(b) moneys earned by the operation of any project, scheme or enterprise financed from the Fund;
(c) moneys earned or arising from any property, investment, mortgage, lease, tenancy, charge or debenture acquired by or vested in the Board;
(d) any property, investment, mortgage, lease, tenancy, charge or debenture acquired by or vested in the Board;
(e) sums borrowed by the Board for the purposes of meeting any of its obligations or discharging any of its duties;
(f) moneys earned from the consultancy, advisory or any other services provided by the Board;
(g) moneys collected or paid under section 64;
(h) moneys collected by the Board under the regulations made under this Act and specified therein as sums payable into the Fund;
(i) moneys distributed as dividends from the corporations established under this Act;
(j) donations and contributions received from within or outside Malaysia and includes moneys received from any government or organization outside Malaysia; and
(k) 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 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 Board, including—
(i) the remuneration of the officers and servants of the Board, including the granting of loans, superannuation allowances, pensions or gratuities;
(ii) insurance coverage for the officers and servants of the Board;
(iii) costs incurred in providing for the welfare of the officers and servants of the Board; and
(iv) legal fees and costs and any other fees and costs;
(b) financing research and development activities;
(c) contributing to bodies or organizations of which the Board is a member;
(d) contributing to such organizations related to the pepper industry as the Minister may determine;
(e) providing financial assistance to the pepper farmers with the approval of the Minister;
(f) financing such scholarships for higher education as may be approved by the Board;
(g) providing loans or grants to institutions of higher learning within or outside Malaysia for the purpose of human resource development in the pepper industry;
(h) granting loans or providing capital for corporations established under this Act;
(i) 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 this Act;
(j) subject to the approval of the Minister, making contributions to any organization, whether within or outside Malaysia, for the purpose of promoting the marketing of pepper products;
(k) 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;
(l) repaying any moneys borrowed under this Act and the interest due on such moneys;
(m) paying any reward under section 68; and
(n) generally, paying any expenses for carrying into effect the provisions of this Act.
Conservation of Fund
It shall be the duty of the Board 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 Board are sufficient to meet all sums properly chargeable to its revenue account including depreciation and interest on capital taking one year with another.
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 the month of June of each year, the Board shall submit to the Minister an estimate of the expenditure (including the expenditure for research and development activities) 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 month of December of that year, notify the Board of the amount authorized for expenditure generally or of 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 in the supplementary estimate.
Statutory Bodies (Accounts and Annual Reports) Act 1980
The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall apply to the Board and any corporation established under this Act.
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).
