Statutory Corporations (Contributions to Consolidated Fund) Act

Payments from certain statutory corporations into the public fund

Official textFrom Attorney General's Chambers, unchanged

s 1Citation

This Act may be cited as the Statutory Corporations (Contributions to

Consolidated Fund) Act.

s 2Interpretation

In this Act, unless the context otherwise requires —

“Consolidated Fund” means the Consolidated Fund established under

Article 58 of the Constitution;

“expenditure” means all expenses properly incurred by a specified statutory corporation in performing its functions and duties;

“funds” includes all general and special funds and reserves under the control or management of a specified statutory corporation, other than funds created for the accounting of moneys which are subject to a trust;

“Minister” means the Minister of Finance and Economy;

[S 1/2021]

“revenue” includes all moneys received by or accruing to a specified statutory corporation other than moneys subject to a trust;

“specified statutory corporation” means any of the organisations, authorities or corporations specified in the Schedule.

s 3Minister may require payment into Consolidated Fund

Notwithstanding the provisions of any written law specified in the

Schedule, the Minister may, by notice in writing, require any specified statutory corporation to pay into the Consolidated Fund within the period specified in the notice —

(a)

the whole or part of the excess of the revenue over the expenditure of that statutory corporation in any financial year; and

Statutory Corporations

(Contributions to Consolidated Fund)

(b)

the whole or part of the amount in the funds of that statutory corporation which, in the opinion of the Minister, is not required for performing its functions and duties.

s 4Amendment of Schedule

The Minister may, with the approval of His Majesty the Sultan and

Yang Di-Pertuan, by order published in the Gazette, amend the Schedule.