ENACTMENT NO 1 OF 1989 CONTROL OF ISLAMIC RELIGIOUS SCHOOLS ENACTMENT (PENANG) 1989
PART III - BOARD OF MANAGEMENT
Section 9. Fund
(1) For the purposes of this Enactment, the Board Fund 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, changes, 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;
(c) any other expenditure authorised by the Board.
(3) The Board may invest its fund in any investment authorised by the Majlis.