Malaysia legislation
Section 22
Section 22
(2)
The Operational Fund shall consist of the following:
(a)
moneys received by the Agency in performing its functions under this Act;
(b)
such sums as may be provided from time to time for the purposes of this Act by Parliament;
(c)
moneys earned by the operation of any project or activities financed from the Fund;
(d)
sums borrowed by the Agency for the purposes of meeting any of its obligations or discharging any of its duties; and
(e)
all other sums or property which may in any manner become payable to or vested in the Agency in respect of any matter incidental to its functions, powers and duties.
(3)
The Operational Fund shall be expended for the following purposes:
(a)
the payment of any operational expenses, costs or expenditure properly incurred or accepted by the Agency in the performance of its functions or the exercise of its powers under this Act;
(b)
any purchase made by the Agency;
Agensi Inovasi Malaysia 23
(c)
the payment of remuneration, allowances, benefits, reimbursement and expenses of officers and employees of the Agency and members of the Council or committee;
(d)
the repayment of any moneys borrowed under this Act and the interest due thereon;
(e)
the payment of contributions and donations for purposes of corporate social responsibility.
(4)
Notwithstanding paragraph (2)(c), the moneys referred to in the paragraph which are in excess of the financial requirements of the
Agency for the performance of its functions may be paid into the
Federal Consolidated Fund.
Innovation Fund