Section 27 — Sabah Ports Authority Enactment 1981

(1)

There shall be established a Fund to be known as the "Sabah Ports Authority

Fund" which shall consist of –

(a)

such sums as may from time to time be provided by the State Legislative

Assembly out of the general revenues of the State of Sabah or donated by the Government of Sabah, or the Government of Malaysia or of any other State thereof or by any other institution or person for the purposes of the Authority;

17

(b)

such sums as may from time to time be raised by the Authority by loan or by the issue of shares or stock;

(c)

all charges and port dues as may be collected under the provisions of this

Enactment;

(d)

all rents and proceeds of sale profits and income and other funds derived by the Authority directly or indirectly from the property belonging to the

Authority;

(dd)

monies earned or arising from any property, investments, mortgages, charges or debentures acquired by or vested in the Authority;

(e)

all such other sums as may from time to time be paid to the Authority.

(2)

The Fund may be applied in defraying the following charges –

(a)

the salaries, fees, allowances, remuneration, pensions, gratuities and other superannuation benefits of members, employees, agents, auditor and technical and other advisors of the Authority;

(b)

the interest due on any charge, mortgage, debenture or debenture stock made or issued by, and on any advance or loan made to or raised by the

Authority;

(c)

the sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of any charge, mortgage, debenture or debenture stock, or for the repayment of advances and loans;

(d)

the working and establishment expenses of, the expenditure on, or the provision for the maintenance of, any of the installations of the Authority, and the discharge of the functions of the Authority, properly chargeable to revenue account;

(e)

such sums as the Authority may deem appropriate to set aside in respect of depreciation or renewal of the property of the Authority;

18

(f)

the cost, or any portion thereof, of acquiring land, or of new works, plant, vessels or appliances not being a renewal of property of the Authority, which the Authority may determine to charge to revenue;

(g)

any other expenditure authorised by the Authority and properly chargeable to revenue.

(3)

The balance of the revenue of the Authority may be applied to the payment of such dividend on shares and stock issued by the Authority as the financial position of the

Authority appears, in the opinion of the Authority, to warrant such payment.

Power to issue shares.