Malaysia legislation
Section 15
of SARAWAK TIMBER INDUSTRY DEVELOPMENT CORPORATION ORDINANCE, 1973 ( Ord. No. 3/73 )
Section 15
For the purpose of this Ordinance, there is established a
(a)
into which shall be paid—
(i)
such sums as may be appropriated from time to time for the purposes of the Corporation by the Dewan
Undangan Negeri;
(ii)
such sums as may from time to time be borrowed by the Corporation for the purpose of meeting any of its obligations or discharging any of its functions;
(iii)
all moneys earned by the operation of any project, schemes or enterprise financed from the Fund;
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(iv)
all moneys earned or arising from any property, investment, mortgage, charges or debentures acquired by or vested in the Corporation; and
(v)
all other sums or property which may in any manner become payable to, or vested in, the Corporation in respect of any matter incidental to its powers and duties;
(b)
out of which shall be defrayed—
(i)
all expenses incurred by the Board in the administration of this Ordinance;
(ii)
the salaries, fees, allowances or remuneration of the members, officers, agents and servants, and technical or other advisers of the Corporation;
(iii)
all expenditure (including capital expenditure)
incurred by the Corporation in carrying out its functions;
(iv)
moneys for the repayment of any loan made to the Corporation pursuant to its powers to borrow and the interest due thereon;
(v)
grants and loans made by the Corporation;
(vi)
paying any other expenses lawfully incurred by the Corporation in the execution of its functions under this Ordinance;
(vii)
grants or donations made by the Corporation to institutions or organizations engaged in social welfare, charitable work or activities, or for support of any religious, educational or recreational purposes: Provided that such grant or donation shall not exceed at any one time such amount as may be determined by the Majlis
Mesyuarat Kerajaan Negeri.
[Am. Ord. No. 9/76; Am. Ord. No. 4/83.]
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Reserve fund