Section 8
Commercial accounts
of State Water Supply Fund (Financial and Accounting Procedure) Act 1980
(1)
Notwithstanding the relevant provisions of the Financial
Procedure Act 1957 and any regulations made and instructions issued thereunder, the books and accounts of the Water Department shall be kept in accordance with generally accepted commercial accounting principles and practices.
(2)
All assets and liabilities of the Water Department shall as of the appointed date be incorporated into the accounts referred to in subsection (1) and the net worth thereof shall be treated as capital of the State Government invested in the Water Department on that date.
(3)
The Director with the concurrence of the State Financial
Officer shall issue directions and instructions as to the manner in which the books and accounts shall be kept and the form in which statements of accounts shall be submitted for audit.
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Laws of Malaysia ACT 230
Surplus