Suruhanjaya Pengangkutan Awam Darat Fund
Open ↗(1) A fund to be known as the “Suruhanjaya Pengangkutan Awam Darat Fund” is established and shall be administered and controlled by the Commission.
(2) The Fund shall consist of—
(a) such sums as may be provided from time to time by Parliament;
(b) all or any part of the operators’ licence fees or other fees, administrative charges or other charges imposed by or payable to the Commission under the land public transport laws;
(c) all moneys derived as income from investments by the Commission;
(d) all moneys derived from the sale, disposal, lease or hire of, or any other dealing with, any property, mortgages, charges or debentures vested in or acquired by the Commission;
(e) all moneys and property which may in any manner become payable to or vested in the Commission in respect of any matter incidental to its functions and powers;
(f) any costs paid to, or recovered by, the Commission in any settlement of action or proceedings, civil or criminal;
(g) all moneys borrowed by the Commission under section 33; and
(h) all other moneys lawfully received by the Commission,
but shall not include moneys or sums which are payable into the Land Public Transport Fund established under the Land Public Transport Act 2010.
Expenditure to be charged on the Fund
Open ↗The Fund shall be expended for the following purposes:
(a) paying any expenditure lawfully incurred by the Commission;
(b) paying for the remuneration, allowances and other expenses of the members of the Commission, members of the
committees and employees of the Commission, including the granting of loans, scholarships and advances, superannuation allowances, retirement benefits, pensions, gratuities and other benefits;
(c) paying any other expenses, costs or expenditure in relation to the procurement of goods and services, including the engagement of consultants, legal fees and costs and other fees and costs, properly incurred or accepted by the Commission in the performance of its functions and exercise of its powers under the land public transport laws;
(d) purchasing or hiring equipment, machinery and any other materials, acquiring land and any assets, and erecting buildings, and carrying out any other works and undertakings in the performance of its functions or in the exercise of its powers under the land public transport laws;
(e) repaying any moneys borrowed under section 33 and the interest due on the borrowed moneys; and
(f) generally, paying any expenses for carrying into effect the provisions of the land public transport laws.
Conservation of the Fund
Open ↗It shall be the duty of the Commission 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 Commission are sufficient to meet all sums properly chargeable to its revenue account, including depreciation and interest on capital, taking one year with another.
Bank accounts
Open ↗The Commission shall open and maintain an account or accounts with such bank or banks in Malaysia as the Commission thinks fit.
Power to borrow
Open ↗The Commission may, from time to time, borrow in such form and on such terms as may be approved by the Minister with the concurrence of the Minister of Finance, any money required by the Commission for meeting any of its obligations or discharging any of its duties.
Investment
Open ↗The moneys of the Commission shall, in so far as they are not immediately required to be expended by the Commission under this Act, be invested in such manner as the Minister may, with the concurrence of the Minister of Finance, approve.
Limitation on contracts
Open ↗The Commission shall not, without the approval of the Minister and the concurrence of the Minister of Finance, enter into any contract under which the Commission is to pay or receive an amount exceeding ten million ringgit.
Financial procedure
Open ↗Subject to this Act and approval of the Minister, the Commission shall determine its own financial procedure.
Financial year
Open ↗The financial year of the Commission shall begin on 1 January and end on 31 December of each year.
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).
