Port Authorities Act 1963 · Updated to 1 Dec 2020 · Part I · Port Authorities
8. Finances of the authority
Feedback & supportThe authority shall keep proper and regular accounts and other records of moneys received and paid by the authority and of the several purposes for which such moneys have been received or paid, and of the assets, credits and liabilities.
The revenues of the authority for any financial year shall be applied in defraying the following charges for that year:
charges
“charges” includes any toll, due, rent or other charge leviable under this Act;
working and establishment expenses;
the maintenance, depreciation and renewal of the property of and the discharge of the functions of the authority properly chargeable to revenue;
interest on loans and repayments of moneys borrowed;
such capital expenditure as the authority may determine to charge to the revenues.
The amount remaining of the revenues of the authority for any financial year, after defraying the charges referred to in subsection (2), shall be applied in making good any deficiencies in the revenue carried forward from previous years, and the whole or any part of the balance
revenue
“revenue” means any moneys received by the Authority by way of charges, scales of charges or other duties imposed by or under this Act and includes any moneys provided under section 6;
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port
“port” means the port specified in the Schedule within the limits declared under section 6 of the Merchant Shipping Ordinance 1952;
(if any) may as soon as may be after the end of that year be carried to such reserves approved by the authority as the authority thinks fit.
Moneys standing to the credit of reserves may be employed in the undertaking of the authority.
The authority may open a current account with any bank approved by the Minister of Finance.
Minister
“Minister” means the Minister charged with the responsibility for ports;
Moneys which are not immediately required to be expended in the discharge of any of the functions of the authority shall, if invested, be invested by the authority in investments for the time being authorized by law for the investment of trust funds or in such other investments or securities as may from time to time be approved by the
Minister of Finance, or may be deposited in any bank or financial institution approved by the Minister of Finance:
Provided that the authority shall not make any investment in securities issued or registered or other property situated, outside
Malaysia except with the approval of the Minister of Finance to the making of that investment.
The authority may, with the approval of the Minister, make any financial contributions to public, staff welfare fund or charitable objects.