TUNKU ABDUL RAHMAN FOUNDATION FUND ACT 1966

The Fund shall vest in and be managed by a Board of

Trustees (hereinafter referred to as the “Board”) which shall be a body corporate with perpetual succession and a common seal with the power to sue and be sued, to hold property movable or immovable, to make contracts and subject as hereafter provided to convey, assign, surrender, mortgage, lease or otherwise dispose of movable or immovable property vested in the Board upon such terms as it may think fit.

the Chairman, who shall be appointed by the Yang di-Pertuan Agong;

a representative of the Ministry of Education;

a representative of the Treasury; and

six other members to be appointed by the Minister.

The Chairman and the members of the Board referred to in paragraph (1)(d) shall be appointed for a period of three years and are eligible for reappointment.

The Chairman shall preside at all meetings of the Board.

The Board shall meet at such places and times as the Chairman may appoint and at any meeting of the Board five members shall form a quorum.

The Chairman shall have a casting vote.

Subject to this Act the Board shall have power to determine its own procedure.

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Tunku Abdul Rahman Foundation Fund

Disqualification of members

becomes a bankrupt;

is sentenced to a term of imprisonment; or

commits any breach of trust or any dereliction of his duty as such member which in the opinion of the appointing authority warrants his removal.

Removal from office

Without prejudice to the power of removal under subsection

, the Minister may remove from office any such member of the

Board who by reason of ill-health or prolonged absence from

Malaysia is in the opinion of the Minister rendered incapable of properly performing his duties as a member of the Board.

Subject to the provisions of this Act, the balance of the

Fund after defraying the expenses referred to in subsection (1)

shall be utilized for the following purposes:

Paragraph (2)(a) shall apply to any citizen of Malaysia who by virtue of his circumstances or other reasons require in the opinion of the Board to be provided with or assisted by a studentship, scholarship, study grant or study loan or any other award or financial assistance under this Act.

Terms of study award

If any recipient of any award made under this Act fails to satisfy section 8 or commits a breach of any of the conditions laid down by the Board or in any way whatsoever misconducts himself he may thereupon be deprived of such award.

Operation of this Act

If in the opinion of the Board at any time that circumstances render any award under this Act inadvisable or if there is in any year no candidate entitled in the opinion of the Board to any award under this Act then no such award shall be made for that year and the money which otherwise would have been appropriated to such award may be dealt with as hereinafter provided in this Act.

Cessation of award in certain cases

investments for the time being authorized by law for the investment of trust funds; or

subject to subsection (2), other forms of investment.

Investments under paragraph (1)(b) shall be limited to a maximum of 10 per centum of the assets of the Fund and shall, if invested in shares—

Notwithstanding subsection (1) the Board shall not make any investment in securities issued or registered, or other properties situated, outside Malaysia except with the approval in writing of the Minister of Finance.

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Audit and accounts

As soon as may be after the end of each calendar year the

Board shall submit to the Minister an audited account of the revenues and expenditure of the Fund for that year together with a statement of assets and liabilities thereof; and the Minister shall cause the account and statement together with a copy of any observations of the auditor thereon to be laid before each House of Parliament.

Seal of the Board

Any instrument bearing the seal of the Board so affixed and attested shall be deemed to have been made by the Board.

Appointment of officers and servants

In particular and without prejudice to the generality of the foregoing power such rules—

If on receipt of such report the Minister considers that an appeal for grants donations endowments or gifts should be made he shall forthwith direct the Board to make such appeals and the

Board shall accordingly comply with such direction.

If after the expiration of six calendar months from the date any appeal is made under subsection (2) no adequate grants donations or endowments are received by the Board the Minister shall direct that the Fund be liquidated; and proceedings for liquidation shall commence according to the rules made under this Act.

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Transfer into Fund of moneys in the hands of sponsors