Malaysia legislation
Section 26
Section 26
(1)
There shall be established a Fund to be known as the “Sabah Economic
Development Corporation Fund” which shall consist of-
(a)
such sums as may from time to time be provided by the Legislative
Assembly out of the general revenues of the State of Sabah or donated by the Government of Sabah, or the Government of Malaysia or of any other
State thereof or by other institution or person for the purposes of the
Corporation;
(b)
such sums as may from time to time be raised by the Corporation by loan or by the issue of shares or stock;
(c)
all rents and proceeds of sale profits and income and other funds derived by the Corporation directly or indirectly from the property belonging to the
Corporation;
(d)
all such other sums as may from time to time be paid to the Corporation.
(2)
The Fund may be applied in defraying the following charges-
(a)
the expenses and allowances of the members;
(b)
the salaries, fees or remuneration of the officers, agents and servants and technical or other advisers of the Corporation;
Banking and Financial Institutions Act 1989” substituted for “Banking Act 1973” by virtue of Act 372.
(c)
all costs, charges and expenses of and incidental to the exercise of the powers of the Corporation under this Enactment;
(d)
interest on any loan raised by the Corporation;
(e)
sums required for the repayment of moneys borrowed;
(f)
such sums as it may be deemed appropriate to set aside in respect of depreciation on the property of the Corporation;
(g)
any architect, management and agency fees;
(h)
grant or loan authorised by the Corporation to the State or towards any particular development project carried out by the State;
(i)
any other expenditure authorised by the Corporation and properly chargeable to revenue account.
(3)
The balance of the revenue of the Corporation may be applied to the payment of such dividend on shares and stock issued by the Corporation as the financial position of the
Corporation appears, in the opinion of the Corporation, to warrant such payment.
Power to issue shares.