Malaysia legislation
Section 33
Section 33
The principal Act is amended by inserting after section 44a the following Part:
“Part IXa
ELECTRICITY INDUSTRY FUND
Contribution by licensee 44b. (1) A licensee shall, if required by the Minister under any regulations made under this Act or by order published in the Gazette pursuant to the recommendation made by the
Commission, allocate and pay into the Electricity Industry
Fund, in such manner and at such rates as may be prescribed in such regulations or order.
(2)
Upon the recommendation of the Commission, the
Minister may suspend or revoke such requirement made under subsection (1).
Electricity Industry Fund 44c. (1) A fund to be known as the “Electricity Industry
Fund” is established and shall be administered and controlled by the Commission.
(2)
The Electricity Industry Fund shall consist of—
(a)
such sums allocated and paid by a licensee pursuant to section 44b;
(b)
such sums as may be provided by the Parliament for the purposes of the Electricity Industry Fund from time to time;
(c)
all moneys derived as income from investments made from the Electricity Industry Fund, including interest income; and
(d)
all other moneys lawfully received by the Commission on behalf of the Electricity Industry Fund.
(3)
The Electricity Industry Fund shall be expended for the following purposes:
(a)
to manage the impact of electricity tariff on consumers;
or
(b)
such other purposes pertaining to the electricity industry as deemed necessary by the Commission.
Investment 44d. (1) The moneys in the Electricity Industry Fund shall, in so far as they are not required or immediately required to be expended by the Commission for the purposes of subsection 44c(3), be invested in such manner as the Minister may, with the concurrence of the Minister of Finance, approve.
(2)
The Commission shall open and maintain an account or accounts to hold moneys in the Electricity Industry Fund with such bank or banks in Malaysia as it thinks fit, after consulting the Minister and the Minister of Finance, and every such account shall be operated upon in such manner as may be authorized by the Commission for such purpose from time to time.
Accounts 44e. (1) The Commission shall cause proper accounts of the
Electricity Industry Fund and proper reports of its activities in respect of the Fund to be kept and shall, as soon as practicable after the end of the financial year of the Commission, cause to be prepared for that financial year—
(a)
a statement of accounts which shall include a balance sheet and an account of the contributions and expenditure;
and
(b)
a statement of its activities.
(2)
The Commission shall as soon as practicable send a copy of the statement of accounts certified by the auditors and a copy of the auditor’s report to the Minister who shall cause them to be laid before both Houses of Parliament.”.
Amendment of section 45