Section 13
of Sabah Foundation Enactment 1966
State EnactmentIn forceProvision 13 of 19
Section 13
(1)
The Board: -
(a)
may invest any monies for the time being forming part of the Fund, or such part thereof as it shall from time to time think fit, in any securities in which trustees are for the time being authorised by law to invest trust funds;
(b)
shall deposit any such monies which may from time to time be uninvested with any bank either upon fixed deposit or upon current account:
Provided that the Board shall have power to vary investments from time to time and to employ the bankers of the Fund or any other agency to invest the monies of the Fund in such securities on its behalf.
(2)
All investments made under this section shall be registered in the name of the
Board.
Liability of members.