Section 17. Opening of account, receipt, payment and investment. (CONTROL OF ISLAMIC RELIGIOUS SCHOOLS ENACTMENT 1996

ENACTMENT NO. 10 OF 1996
CONTROL OF ISLAMIC RELIGIOUS SCHOOLS ENACTMENT 1996

PART V - SCHOOL ACCOUNT

Section 17. Opening of account, receipt, payment and investment.

(1) For the purposes of this Enactment, every school shall open and administer an account in any bank which practice the Syariah principles, wherein shall be paid---

(a)

such sums received by the Board;

(b)

monies collected from fees;

(c)

such sums donated by the public or grants given by the Government or any statutory bodies;

(d)

such sums borrowed as provided under section 15(f); and

(e)

such sums which in any manner payable to the school.

(2) The Registrar may from time to time issue financial instructions which shall be observed by the Board in its financial management.

(3) The Board may invest its monies in any investment prescribed by the Majlis.