Malaysian Palm Oil Board Act 1998 · Updated to 1 Jan 2006 · Part IV · Finance
33. Expenditure to be charged on Fund
Feedback & supportThe Fund shall be expended for the purpose of—
Fund
“Fund” means the Malaysian Palm Oil Board Fund established under section 32;
paying any expenditure lawfully incurred by the Board, including—
the remuneration of the officers and servants of the Board, including the granting of loans, superannuation allowances, pensions or gratuities;
insurance coverage for the officers and servants of the Board;
costs incurred in providing for the welfare of the officers and servants of the Board; and
legal fees and costs and other fees and costs;
financing research and development activities;
contributing to bodies or organizations of which the Board is a member;
contributing to such organizations related to the oil palm industry as the Minister may determine;
oil palm industry
“oil palm industry” means any industry involved in the planting of oil palm, the production of oil palm products, and services related thereto;
financing such scholarships for higher education as may be approved by the Board;
providing loans or grants to institutions of higher learning within or outside Malaysia for the purpose of human resource development in the oil palm industry;
granting loans or providing capital for corporations established under this Act;
paying any other expenses, costs or expenditure properly incurred or accepted by the Board in the performance of its functions or the exercise of its powers under this Act;
subject to the approval of the Minister, making contributions to any organization, whether within or outside Malaysia, for the purpose of promoting the marketing of oil palm products;
oil palm
“oil palm” means the species of palm of the genus Elaeis or any oil bearing genus of palm and includes hybrids of these species, hybrids resulting from crossing these species or hybrids with any other species or hybrids of plants, and genetically engineered versions of these species or hybrids;
purchasing or hiring equipment, machinery and any other materials, acquiring land and erecting buildings, and
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Malaysian Palm Oil Board carrying out any other works and undertakings in the performance of its functions or the exercise of its powers under this Act;
palm oil
“palm oil” means oil, whether in crude or processed form,originating or extracted from the pericarp of the oil palm fruit, and includes oil, whether in crude or processed form originating or extracted from the kernel of the oil palm fruit;
repaying any moneys borrowed under this Act and the interest due on such moneys;
paying any reward under section 75; and
generally, paying any expenses for carrying into effect the provisions of this Act.