Malaysia legislation
Section 24
Section 24
(2)
The Fund shall consist of—
(a)
such sums as may be provided from time to time by
Parliament;
(b)
such sums as may from time to time be lent to the
Universiti by the Government;
(c)
any voluntary gift to the Universiti;
(d)
moneys earned by the operation of any project, scheme or enterprise financed from the Fund;
*NOTE—Section 23l which has been inserted by section 30 of the Institut Teknologi MARA
(Amendment) Act 1996 [Act A964] is yet to come into force—see P.U. (B) 461/1996.
Universiti Teknologi MARA
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(e)
any property, investments, subventions, leases, mortgages, charges or debentures acquired by or vested in the
Universiti;
(f)
moneys earned or arising from any property, investments, subventions, leases, mortgages, charges or debentures acquired by or vested in the Universiti; and
(g)
all other sums or property which may in any manner become payable to or vested in the Universiti in respect of any matter incidental to its powers, functions and duties.
(3)
All the moneys paid to the Universiti shall be applied or expended by the Universiti for all or any of the purposes of the Universiti in accordance with the estimates approved by the
Minister.
(4)
It shall be the duty of the Board and the Vice-Chancellor to conserve the Fund by so exercising, performing and discharging their powers, functions and duties under this Act so as to secure that the total revenues of the Universiti are, subject to any direction given by the Minister under section 29, sufficient to meet all sums properly chargeable to its revenue account, taking one year with another.
(5)
The Universiti may invest in securities of the Government or such other securities as may be approved in advance in writing by the Minister of Finance such moneys of the Fund as may not be immediately required for current expenditure, with power from time to time to vary any such investment subject to the prior approval in writing by the Minister of Finance being obtained in respect of any variation resulting in any investment in securities other than Government securities.
(6)
The Universiti may deposit, either on fixed deposit or on current account, any moneys for the time being uninvested with any bank in Malaysia holding a valid licence under the provisions of the *Financial Services Act 2013 [Act 758] and approved in advance in writing for the purpose by the Minister.
*NOTE—The Banking and Financial Institutions Act 1989 [Act 372] has since been repealed by the Financial Services Act 2013 [Act 758] which comes into operation on 30 June 2013—see section 271 of Act 758.
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Act 173
Reserve fund