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← Malaysian Chamber of Mines Incorporation Act 1914

Malaysian Chamber of Mines Incorporation Act 1914 s 5

Malaysian Chamber of Mines Incorporation Act 1914 s 5

s 5 Application of income

(i) The income of the Chamber shall be applied solely towards the promotion of the objects of the Chamber as set forth in this Act and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise howsoever by way of profit to any member of the Chamber; provided that nothing herein contained shall prevent the payment or repayment in good faith of remuneration or expenses to any officer or servant of the Chamber or to any member thereof in return for services actually rendered to the Chamber nor shall anything herein contained be deemed to prevent the Chamber from giving financial support to such charitable and other institutions and causes as may be thought proper. (ii) The funds of the Chamber may be placed on fixed deposit with any licensed commercial bank or finance company in Malaysia or invested from time to time in any manner in which at the time when the investment shall be made trustees shall be by law authorized to invest trust money except that none of the funds of the Chamber shall be applied in the acquisition of or investment upon the security of titles to or other interest in immovable property except as provided in Section 3 hereof.

Read this section in the full act β†’

Find Act 367 on lom.agc.gov.my β†—

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

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).

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