TUN RAZAK FOUNDATION ACT 1976

The Foundation shall vest in and be managed by a Board of Trustees, which in this Act is 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 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.

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

a representative of the Treasury; and

not more than eighteen other members to be appointed by the Minister after consultation with the Chairman.

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

The Chairman shall preside at all meetings of the Board and in his absence from any meeting, such other member as may be elected by the members present shall preside as Chairman.

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

The Chairman shall have a casting vote.

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

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 (1), the Minister after consultation with the Chairman may remove from office any member of the Board appointed under paragraph 5(1)(c) 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.

to perpetuate the good name of Yang Amat Berhormat

Tun Abdul Razak;

to achieve the aspirations and to perpetuate the good work of Yang Amat Berhormat Tun Abdul Razak;

to inculcate and promote mutual understanding among racial groups and mankind;

to promote peace and understanding among nations;

to improve the standard of education in all fields and to uplift the standard of living of the people.

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Powers of the Board

The balance of the moneys of the Foundation after defraying the expenses referred to in subsection (1) shall be utilized for the purpose of achieving the objects of the Foundation.

All moneys paid to the Foundation shall be kept with such approved financial institutions as the Minister shall from time to time direct.

Investment powers of the Board

Not later than the 31st May of each year the Board shall submit to the Minister an audited account of the revenues and expenditure of the Foundation for the previous year together with a statement of assets and liabilities thereof.

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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 powers such regulations may—

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 one year from the date any appeal is made under subsection (2) no adequate grants, donations, endowments or gifts are received by the Board, the Minister shall direct that the Foundation be liquidated; and proceedings for liquidation shall commence according to the regulations made under this Act.

Penal Code