Section 30 — Credit Corporation Enactment 1981

(1)

The funds and resources of the Corporation (hereinafter referred to as “the

Fund”) shall consist of –

(a)

such sums as may be provided annually by the Legislative Assembly for the purposes of the Corporation in estimates of revenue and expenditure of the State of Sabah;

(aa) such sums as may be raised by the Corporation by the issue of shares or stock;

(b)

such sums as may be allocated from time to time to the Corporation from the proceeds of loans raised by Government;

(c)

all sums from time to time received by or falling due to the Corporation in respect of the repayment of any loan made by the Corporation and the interest payable in respect of any such loan;

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(d)

moneys earned or arising from any property, investment, mortgages and debentures acquired by or vested in the Corporation;

(e)

any property, mortgages, debentures or investments acquired by or vested in the Corporation;

(f)

sums borrowed by the Corporation for the purpose of meeting any of its obligations or discharging any of its functions;

(g)

all other sums or property which may in any manner become payable to or vested in the Corporation in respect of any matter incidental to its powers and duties.

(2)

The Corporation may from its funds and resources –

(a)

pay any expenses lawfully incurred by the Corporation including survey, legal and other fees and costs;

(b)

pay any other expense, cost, or expenditure properly incurred or accepted by the Corporation in pursuance of its purpose under the provisions of this

Enactment;

(c)

pay any amounts which it may lawfully be called upon to pay in respect of its liability under any guarantee assumed or granted under the provisions of paragraph (a) of subsection (3) of section 25 and section 36;

(d)

purchase plant, equipment, stores and any other materials or acquire land or erect buildings or carry out any other works and undertakings, in the execution of its duty or in the discharge of its functions under section 25, in contemplation of loans to be made for any of those purpose under the provisions of section 35 of this Enactment, so, however, that any sums expended by the Corporation under this paragraph shall be set off against the loans in contemplation of which they were expended upon the actual making of such loans.

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(3)

Interest shall be paid by the Corporation to the Government at such rate (if any)

as may be determined by the Government on any amount specified in paragraph (a) of subsection (1).

(4)

The annual charges on any amount which may be allocated to the Corporation from the proceeds of loans raised by Government under paragraph (b) of subsection (1) shall be met by the Corporation:

Provided that all or any part of such charges may be met from the general revenue of

Sabah subject to the approval of the Legislative Assembly.

(5)

The balance of the revenue of the Corporation may be applied to the payment of such dividend on shares and stock issued by the Corporation as the financial position of the

Corporation appears, in the opinion of the Corporation, to warrant such payment.

Power to issue shares.