Section 9. Fund. (CONTROL OF ISLAMIC RELIGIOUS SCHOOLS ENACTMENT 1988

ENACTMENT NO. 2 OF 1988
CONTROL OF ISLAMIC RELIGIOUS SCHOOLS ENACTMENT 1988

PART III - BOARD OF MANAGEMENT

Section 9. Fund.

(1) For the purposes of this Enactment, the Board shall establish and administh a fund to be known as "Religious 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;

(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 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;

(3) A Board may invest its fund in any investment for the time being authorised by law in relation to the investment of trust funds or any other investment as may be authorised by the Department.