Malaysia legislation
Section 25
Section 25
(1)
There shall be established a Fund to be known as the “Sabah Tourism Board
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 any other institution or person for the purposes of the
Board;
(b)
such sums as may from time to time be raised by the Board by loan;
(c)
all rents and proceeds of sale profits and income and other funds derived by the Board directly or indirectly from the property belonging to the Board;
(d)
all monies earned by the operation of any project, scheme or enterprise financed from the Fund;
(e)
all monies earned or arising from any property, investment, mortgage, charges or debentures acquired by, given to, or vested in the Board; and
(f)
all such other sums as may from time to time be paid to the Board.
“Banking and Financial Institutions Act 1989” substituted for “Banking Act 193” by virtue of Act 372.
(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 Board;
(c)
all costs, charges and expenses of and incidental to the exercise of the powers of the Board under this Enactment;
(d)
interest on any loan raised by the Board;
(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 Board;
(g)
any architect, management and agency fees;
(h)
grant or loan authorised by the Board to the State or towards any particular development project carried out by the State;
(i)
any other expenditure authorised by the Board and properly chargeable to revenue account.
Investment of funds.