Section 12
of Sabah Foundation Enactment 1966
State EnactmentIn forceProvision 12 of 19
Section 12
(1)
Subject to the provisions of subsection (3) of this section, the Board shall apply the capital and income of the Fund whencesoever derived to the carrying out of the objects for which the Foundation is established.
(2)
Where any monies are applied to the grant of scholarships or the provision of other educational assistance, the Board may make such grant or provision upon such terms and conditions as it may think fit.
12
(3)
All expenses incurred by the Board in the control and management of the
Foundation or the Fund shall be defrayed out of the Fund and shall be a first charge on the assets thereof.
Investment of Fund.