Malaysia legislation
Section 18
of Land Custody and Development Authority Ordinance, 1981 ( Ord. No. 4/81 )
Section 18
For the purpose of this Ordinance, there is hereby established a Fund to be administered and controlled by the Authority
⎯
(a)
into which shall be paid⎯
(i)
such sums as may be appropriated from time to time for the purposes of the Authority by the Dewan
Undangan Negeri;
(ii)
such sums as may from time to time be borrowed by the Authority for the purpose of meeting any of its obligations or discharging any of its functions;
(iii)
all monies earned by the operation of any project, scheme or enterprise financed from the Fund;
(iv)
all monies earned or arising from any property, investment, mortgage, charges or debentures acquired by or vested in the Authority; and
(v)
all other sums or property which may in any manner become payable to, or vested in, the Authority in respect of any matter incidental to its powers and duties;
(b)
out of which shall be defrayed⎯
(i)
all expenses incurred by the Authority in the administration of this Ordinance;
(ii)
the salaries, fees, allowances or remuneration of the members, officers, agents, servants and technical or other advisers of the Authority;
(iii)
all expenditure (including capital expenditure)
incurred by the Authority in carrying out its functions;
(iv)
monies for the repayment of any loan made to the Authority;
(v)
monies for the purposes of granting loans; and
(vi)
paying any other expenses lawfully incurred by the Authority in the execution of its functions under this
Ordinance.
Borrowing powers