Malaysia legislation
Section 9
of Statutory Bodies (Financial and Accounting Procedure) Ordinance, 1995
Section 9
Restrictions on acts of statutory bodies
(a)
undertake or authorize the undertaking of any work or service or purchase in excess of such sum as may be determined by the State Financial Authority;
(b)
dispose of any of its capital assets with a market value in excess of such sum as may be determined by the State
Financial Authority;
(c)
write off bad debts or of any arrears of revenue in excess of such sum as may be determined by the State Financial
Authority;
(d)
permit the take over, dissolution or winding up (except in the case of compulsory winding up by the court or its creditors)
of any of its holding or subsidiary companies;
(e)
borrow from a financial source other than a bank or financial institution; and
(f)
provide loans, credit facilities or financial assistance to any of its members or the Directors of any of its holding or subsidiary or related companies.
(2)
No outstanding items of revenue shall be carried to a revenue sub-head as a charge against an advance or suspense account pending the collection of the amount.
(3)
No revenue collected in any one year shall be placed on deposit or held in suspense with the object of transferring it to revenue in the following year.
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