Malaysia legislation
Section 8
Section 8
(1)
A statutory body shall not, without the prior written of the Cabinet –
(a)
undertake or authorise the undertaking of any work or service or purchase in excess of such sum as may be directed by the Cabinet generally or in any particular case;
(b)
dispose of any of its capital assets with a market value in excess of such sum as may be directed by the Cabinet generally or in any particular case;
(c)
write off bad debts or of any arrears of revenue in excess of such sum as may be directed by the Cabinet;
(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;
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(e)
enter into any joint-venture agreement involving any land vested in the statutory body or alienated to it by the State Government for the purposes of the execution of its duties or the discharge of its functions under the State law pursuant to which it is incorporated; 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 of a statutory body 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 of a statutory body 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.