Section 16. Fund. (CONTROL OF ISLAMIC RELIGIOUS SCHOOLS (MALACCA) ENACTMENT 2002

ENACTMENT NO. 3 OF 2002
CONTROL OF ISLAMIC RELIGIOUS SCHOOLS (MALACCA) ENACTMENT 2002

PART IV - BOARD OF MANAGEMENT

Section 16. Fund.

(1) For the purposes of this Enactment, the Board shall establish and administer a fund to be known as the
“Religious School Account” which shall be paid into it-

(a) such sum lawfully received by the Board;

(b) monies earned or derived from any property, investment, mortgage, lease, debentures or shares acquired or vested in the Board;

(d) monies donated by the public or grants as may be provided by the State Government or local authorities from time to time;

(e) sums borrowed or acquired by the Board under this Enactment; and

(f) all other monies or property which may in any manner become payable to or vested in the Board in respect of any matter incidental to its powers and functions.

(2) The fund of the Board shall be expended for the following purposes:

(a) all expenditures, including expenditure on capital, lawfully incurred by the Board in the exercise of its powers and the performance of its functions and duties under this Enactment;

(b) repaying monies borrrowed by the Board pursuant to its power to borrow; and

(3) The Board may invest its fund in any investment as may be authorised by the Majlis.