Malaysia legislation
Section 15
Section 15
⎯(1) Subject to this section, the revenue in any year of a
Port Authority shall be applied in payment of the following charges:
(a)
the salaries, allowances, fees, remuneration, pensions, superannuation allowances and gratuities of members, officers, servants, agents and technical and other advisers of the Port
Authority;
(b)
the interest due on any charge, mortgage, debenture or debenture stock issued by, and on any advance or loan made to or raised by, the Port Authority;
(c)
the sums required to be transferred to a sinking fund, or otherwise set aside for the purpose of making provision for the redemption of any charge, mortgage, debenture or debenture stock, or for the repayment of advances and loans;
(d)
the working and establishment expenses and expenditure on the maintenance of property vested, or deemed to be vested, in the Port Authority;
25
(e)
the provision for the depreciation or renewal of property vested, or deemed to be vested, in the Port Authority;
(f)
the cost of, or a portion of the cost of acquiring land or of new works, plant, ships or appliances not being a renewal of property vested, or deemed to be vested, in the Port Authority which that Authority may determine to charge to revenue;
(g)
such payment to contingencies or other reserves as the
Port Authority may determine;
(h)
the port development cess and any other expenses lawfully incurred by the Port Authority in the execution of its functions under this Ordinance.
[Added Ord. No. 6/88.]
(2)
The Port Authority shall, at the end of each financial year, carry forward as working capital such moneys as are reasonably necessary to meet its operational expenses.
(3)
The certificate of the auditor or auditors of the accounts of the Port Authority shall be conclusive as to the amounts available for any charge mentioned in subsection (1).
Investment of moneys