Malaysia legislation
Section 19
of Sarawak Information Technology and Resources Council Ordinance, 1999
Section 19
All moneys not immediately required to be expended in the meeting of any obligations or the discharge of any functions of the
Authority may be invested in any bank or financial institution licensed under the Financial Services Act 2013 [Act 758] or Islamic Financial
Services Act 2013 [Act 759], or in such other investments or securities as may from time to time be approved by the Authority.
Power to borrow 20.
The Authority may, from time to time for the purposes of this Ordinance, raise loans from the Government or, with the consent of the Majlis Mesyuarat Kerajaan Negeri, from any other sources.
Vesting of properties 21.
Without prejudice to section 12, the Majlis Mesyuarat
Kerajaan Negeri may, by notification in the Gazette, vest in the
Authority any properties as may be considered necessary to enable the
Authority to carry out its functions and powers under this Ordinance.
Annual report 22.
The Authority shall, as soon as possible after the close of each financial year, submit to the Majlis Mesyuarat Kerajaan Negeri an annual report on the activities of the Authority during that financial year, and the Chief Minister cause a copy of the report to be laid before the Dewan Undangan Negeri.
Accounts of Authority 23.—
The Authority shall keep proper accounts and other records of its own and shall prepare in respect of each financial year a statement of its accounts in a form approved by the Majlis Mesyuarat
Kerajaan Negeri.
(2)
The accounts of the Authority shall be audited by a qualified auditor appointed annually by the Authority with the approval of the State Financial Authority and the auditor shall make a report on the accounts examined by him.
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(3)
As soon as the accounts of the Authority have been audited in accordance with subsection (2), a copy of the statement of accounts together with a copy of any report made by the auditor shall be submitted to the Majlis Mesyuarat Kerajaan Negeri, for its examination and approval, and thereafter the Chief Minister shall cause a copy thereof to be laid before the Dewan Undangan Negeri.
(4)
The
Statutory
Bodies
(Financial and
Accounting
Procedure) Ordinance, 1995 [Cap. 15], shall apply to the Authority.
Annual estimates 24.
The Authority shall obtain in advance the approval of the
Majlis Mesyuarat Kerajaan Negeri for its annual estimates of expenditure and for any supplementary estimates of its expenditure.