Section 24. Change of investments and borrowing powers. (KELANTAN COUNCIL OF RELIGION AND MALAY CUSTOM ENACTMENT, 1966

ENACTMENT NO. 2 OF 1966
KELANTAN COUNCIL OF RELIGION AND MALAY CUSTOM ENACTMENT, 1966

PART III - FINANCIAL
CHARITABLE TRUSTS

Section 24. Change of investments and borrowing powers.

(1) The Majlis shall not, without the approval in writing of His Highness the Sultan, sell, transfer or dispose of, or charge, mortgage or encumber, any immovable property vested in it for the purposes of this Enactment, whether or not forming part of the General Endowment Fund;

Provided that it shall be lawful for any such immovable property to be compulsarily acquired or reserved by Government for a public purpose in manner provided by any written law.

(2) Save as aforesaid, any investment, assets and funds vested in the Majlis may be sold, realized or disposed of, and they and the proceeds thereof may be invested from time to time in any investment authorised by any written law for the time being in force for the investment of trust funds, or in or upon title to any immovable property situate within the State of Kelantan.

(3) The Majlis shall have power to lease any immovable property vested in it upon such terms as seem proper and are not inconsistent with any trusts affecting the same.

(4) The Majlis shall have power to borrow monies whether without security or upon the security of any of the assets of the General Endowment Fund in such manner and to such extent as His Highness the Sultan may in writing authorize. Any monies so borrowed shall form part of the General Endowment Fund.