Malaysia legislation
Section 9
Section 9
(2)
The fund shall be used and applied by the Council—
(a)
for the performance of its functions and discharge of its duties;
(b)
to enable the Council to exercise the powers conferred by this Ordinance;
(c)
to defray all expenses and costs incidental to the administration, management and investment of moneys in the fund;
(d)
for investment in such manner as may be determined by the Council;
(e)
generally, to carry out and attain the objectives of this Ordinance; and
(f)
for such other purposes as the Majlis Mesyuarat
Kerajaan Negeri may direct in writing.
(3)
There shall be paid into the fund—
(a)
all moneys from time to time appropriated from the
State Consolidated Fund;
(b)
all moneys authorized to be paid into the fund by this Ordinance or any other written law;
(c)
any grants or loans or financial assistance from the
Government of Malaysia;
(d)
donations or monetary contributions from whatever source accepted or received by the Council;
(e)
any prize monies or monetary awards given or accorded for any research or innovation or product of or belonging to the Council;
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(f)
royalties, fees, commissions and other payments received from the licensing or sale of any intellectual property rights arising from discoveries, findings and innovations resulting from research and development pursuant to this
Ordinance;
(g)
income from investments made in accordance with this Ordinance;
(h)
where financial assistance in the form of loans or advances have been granted by the Council, all sums received by way of repayment thereof and interest (if any) derived or accrued therefrom; and
(i)
any other form of income or revenue which the
Council may be entitled to from time to time including income from the sale or disposal of any property, moveable or immoveable.
(4)
No withdrawal from or expenditure shall be charged to the fund unless authorized by this Ordinance or by a resolution passed by the Council.
Financial and accounting procedure