Revenues
(1) The Corporation shall have power to accept any grants, contributions, endowments, gifts or bequests made to or in favour of it. (2) The Corporation shall with the approval of the Minister of Finance have the power to borrow or raise moneys for the purpose of all or any of its functions. (3) The Government may make to the Corporation such grants or loans as it deems fit.
The Subang Golf Course Corporation Fund
(1) A fund to be known as the “Subang Golf Course Corporation Fund” is established into which shall be paid all revenues of the Corporation and from which shall be made all payments by the Corporation. (2) The revenues of the Corporation for any financial year shall be applied in defraying the following charges for that year: (a) the repayment of debts of the Corporation; (b) the working and establishment expenses; and (c) the maintenance and renewal of the property, and the discharge of the functions, of the Corporation properly chargeable to revenue. (3) The amount remaining of the revenues of the Corporation for any financial year, after defraying the charges referred to in subsection (2), shall be applied in making good any deficiencies in the revenue carried forward from previous years, and the balance, if any, of that amount, after making good those deficiencies, shall as soon as may be after the end of the year be carried to a general reserve account. (4) Moneys standing to the credit of the general reserve account at the end of each financial year may be applied to the purposes of the Corporation. (5) Moneys of the Fund which are not required to be expended in the discharge of any of the functions of the Corporation shall, if invested, be invested by the Corporation in investments authorized by law for the investment of trust funds. (6) The Corporation shall not make any investment in securities issued or registered, or in other property situated, outside Malaysia except with the approval of the Minister of Finance.
Statutory Bodies (Accounts and Annual Reports) Act 1980
The Statutory Bodies (Accounts and Annual Reports) Act 1980 [Act 240] shall apply to the Corporation.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
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).