Malaysia legislation
Section 12
Section 12
(1)
For the purpose of this Enactment, there is hereby established a Central
Charitable Fund to be administered and controlled by the Council –
(a)
into which shall be paid –
(i)
such sums as may be provided from time to time by the
Legislative Assembly;
(ii)
such grants as may be received from the State or Federal
Government;
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(iii)
all monies earned by the operation of any project, scheme or enterprise financed from the Fund;
(iv)
such sums as may from time to time be borrowed by the
Council upon terms and conditions approved by Minister of
Finance for the purpose of meeting any of its obligations or discharging any of its duties;
(v)
all monies earned or arising from any property, investment, mortgage, charge or debenture acquired by or vested in the
Council; and
(vi)
all gifts, contributions, donations and bequests from individuals, companies, foundations and other sources;
(b)
out of which shall be defrayed –
(i)
funds towards the promotion of objects and general purposes of the Council;
(ii)
all expenditure incurred by the Council in carrying out its functions; and
(iii)
monies for the repayment of any loan made to the Council pursuant to its power to borrow.
(2)
No portion of the Fund shall be paid or transferred directly or indirectly by way of dividend, bonus or otherwise howsoever by way of profit to member organisations.
Borrowing Powers.