Malaysia legislation
Section 12
Section 12
⎯(1) Subject to the provisions of subsection (4), the Board shall apply the capital and income of the Fund whencesoever
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Ord. No. 4/71
derived to the carrying out of the objects for which the Foundation is established.
[Am. Ord. No. 4/92.]
(2)
The Board shall assign or provide or donate a minimum of seventy per centum (70%) of the surplus amount in the Fund for any financial year, to the special funds set up under section 12(3)(a), for scientific, medical, educational, welfare, social or charitable purposes.
[Sub. Ord. No. 4/92.]
(b)
The surplus amount referred to in subsection (a) shall be derived upon after deducting from the moneys received by the Fund during any financial year, the sums required to meet the expenses incurred by the Board as provided in subsection (4).
(3)
The Board may set up or designate special funds out of moneys from the Fund established under section 4⎯
(i)
to grant scholarships or to provide financial assistance of any form, to any person to pursue his or her education in schools, colleges, universities or institutions of higher learning within Malaysia or abroad;
(ii)
to voluntarily give aid or assistance to organizations and institutions which are organized and governed for scientific, medical, educational, welfare, social or charitable purposes; and
(iii)
to make such contributions or render such assistance towards the relief of national emergencies or calamities.
(b)
The Board may appoint such persons, upon such terms and conditions and for such period of time, as it deems fit, to manage and administer the special funds set up under this subsection.
[Ins. Ord. No. 4/92.]
(4)
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 of it.
[Am. Ord. No. 4/92.]
Investment of the Fund
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