ENACTMENT NO. 7 OF 1991 CONTROL OF ISLAMIC RELIGIOUS SCHOOLS ENACTMENT 1991
PART III - BOARD OF MANAGEMENT
Section 9. Fund.
(1) For the purposes of this Enactment, the Board shall establish and administer a fund to be known as "Islamic School Account" into which shall be paid-
(a) such sums as may be received by the Board;
(b) monies earned or arising from any property, investments, mortgages, charges, debentures or shares acquired by or vested in the Board;
(c) monies collected from fees;
(d) monies donated by the public or grants given by Government or local authorities;
(e) sums borrowed and raised by the Board under this Enactment; and
(f) all other sums or property which may in any manner become payable to or vested in the Board.
(2) A Board may pay out of its fund-
(a) all expenditure, including capital expenditure, incurred by the Board in carrying out its functions;
(b) monies for the repayment of loans received by the Board pursuant to its power to borrow; and
(c) any other expenditure authorised by the Board.
(3) A Board may invest its funds in any investment for the time being authorised by any written law for the investment of trust funds or any other investment as may be authorised by the Majlis.