Section 24
Other powers of expenditure
of Sarawak Economic Development Corporation, 1958
The Corporation may from its funds and resources⎯
(a)
pay any expenses lawfully incurred by the Corporation, including survey, legal and other fees and costs;
(b)
pay any other expense, cost or expenditure properly incurred or accepted by the Corporation in pursuance of its purposes under the provisions of this Ordinance;
(c)
pay any amounts which it may lawfully be called upon to pay in respect of its liability under any guarantee assumed or granted under section 14(2)(d) and (h); and
(d)
purchase plant, equipment, stores and any other materials, or acquire land or erect buildings, or carry out any other works and undertakings, in the execution of its duty or in the discharge of its functions under section 14, in contemplation of loans to be made for any of those purposes under section 23 so, however, that any sums expended by the Corporation under this paragraph shall be set off against the loans in contemplation of which they were expended upon the actual making of such loans.
[Am. Ord. No. 19/71.]
Expenditure and preparation of Estimates 24A.—
The expenses of the Corporation up to such amount as may be authorized by the Minister for any one year shall be defrayed out of the funds of the Corporation.
(2)
Before the beginning of September of each year the
Corporation shall submit to the Minister an estimate of the expenses
(including those for development projects) for the following year in such form and containing such particulars as the Minister may require, and the Minister shall before the beginning of the following year notify the Corporation of the amount authorized for expenses generally or of the amounts authorised for each description of expenditure.
25
(3)
The Corporation may at any time submit to the Minister a supplementary estimate for any one year and the Minister may allow the whole or any part of the additional expenditure included in it.
[Ins. Ord. No. 19/71.]