Railways Act 1991 · Updated to 1 Sep 2012 · Part XII · Railway Assets Corporation and Railway Property
98. Establishment of Railway Assets Corporation Fund
Feedback & supportFor the purposes of this Part, there shall be established a Railway Assets Corporation Fund (hereinafter referred to as “the Fund”).
railway
“railway” means any kind of railway for the public carriage of passengers or goods or both, or any portion thereof, and includes— (a) all rails, beams, cables, sidings, or branches worked over for the purposes of, or in connection with, a railway; (b) all rolling-stock used for the purposes of traffic; and (c) in so far as the context allows, a railway under construction by or for any railway company, but does not include— (d) the Sabah Railway; (e) any railway used or, in the case of a railway to be constructed, intended to be used, by any person for the carriage of goods within any premises occupied by such person; and (f) any railway used or, in the case of a railway to be constructed, intended to be used, wholly or mainly for the carriage of passengers within any amusement or recreational premises;
The Fund shall consist of—
such sums as may be provided by the Federal
Government from time to time for the purposes of the Corporation under this Part;
such sums as may be made available from time to time to the Corporation by way of loans; and
moneys earned or arising from any sale of property or any other transaction relating to property or investments, mortgages, charges or debentures acquired by or vested in the Corporation.
The Fund shall be expended for the purposes of paying any expenditure lawfully incurred by the Corporation for carrying into effect the provisions of this Part and the remuneration of officers and servants appointed and employed by the Corporation, including superannuation allowances, pensions or gratuities.
The expenditure of the Corporation up to such amount as
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may be authorized by the Minister of Finance, after consultation with the Minister, for any one year shall be defrayed out of the
Minister
“Minister” means the Minister for the time being charged with the responsibility for railways in Sabah, Sarawak and the Federal Territory of Labuan;
Fund.
Before the beginning of each financial year, the
Corporation shall submit to the Minister of Finance an estimate of the expenditure (including those for development projects) for the following year in such form and containing such particulars as the Minister of Finance may require, and the Minister of
Finance shall, after consultation with the Minister, before the beginning of that following year, notify the Corporation of the amount authorized for expenditure generally or of the amounts authorized for each description of expenditure.
The Corporation may, at any time, submit to the Minister of Finance a supplementary estimate for any one year and the
Minister of Finance may, after consultation with the Minister, allow the whole or any part of the additional expenditure.