Malaysia legislation

Section 26

of Sabah Land Development Board Enactment 1981

Section 26

(1)

There shall be established a Fund to be known as the ―Sabah Land

Development Board Fund‖ (hereinafter called ―the Fund‖) which shall consist of-For Reference Only (SAGC) [May 2010]

(a)

such capital sums as may be provided from time to time for the purposes of the Board by the Legislative Assembly of the State;

(b)

such capital sums as may from time to time be advanced to the Board by the Federal Land Development Authority, by way of grant, loan or otherwise out of the Land Development Fund;

(c)

sums borrowed by the Board for the purpose of meeting any of its obligations or discharging any of its duties;

(d)

any property, investments, mortgages, charges or debentures acquired by or vested in the Board; and

(e)

all other capital assets which may in any manner become payable to or vested in the Board in respect of any matter incidental to its powers and duties.

(2)

The Fund may be applied in defraying the following charges-

(a)

any loans made by the Board;

(b)

any expenses lawfully incurred by the Board including survey, legal and other fees and costs, and the remuneration of any officer or servant appointed and employed by the Board, including superannuation, allowance or gratuities; and

(c)

any other expenses, costs or expenditure properly incurred or accepted by the Board in the execution of its duty or the discharge of its functions.

Balancing of revenue account.

Read in full context — Sabah Land Development Board Enactment 1981 →