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PART IV


PART IV
FINANCE
 
The Fund
 
13. (1) A fund to be known as the Perbadanan Labuan Fund to be administered and controlled by the Perbadanan is established.
  (2) The Fund shall consist of -
 
    (a) such sums as may be provided from time to time for the purposes of this Act by Parliament;
    (b) such sums as may be paid from time to time to the Perbadanan from loans made by the Perbadanan;
    (c) moneys earned by the operation of any project, scheme or enterprise financed from the Fund;
    (d) moneys earned or arising from any property, investment, mortgage, charge or debenture acquired by or vested in the Perbadanan;
    (e) any property, investment, mortgage, charge or debenture acquired by or vested in the Perbadanan;
    (f) sums borrowed by the Perbadanan for the purposes of meeting any of its obligations or discharging any of its duties; and
    (g) all other sums or property, other than sums mentioned in subsection 17(2), which may in any manner become payable to or vested in the Perbadanan in respect of any matter incidental to its functions, powers and duties.
 
Expenditure to be charged on the Fund
 
14.   The Fund shall be expended for the purpose of -
 
    (a) granting loans under section 23;
    (b) paying any expenditure lawfully incurred by the Perbadanan, including survey and legal fees and costs and other fees and costs, and the remuneration of officers and servants of the Perbadanan, including the granting of loans, superannuation allowances, pensions or gratuities;
    (c) paying any other expenses, costs or expenditure properly incurred or accepted by the Perbadanan in the performance of its functions or the exercise of its powers under this Act;
    (d) purchasing or hiring plant, equipment, machinery and materials, acquiring land and other assets, and erecting buildings, and carrying out any other works and undertakings in the performance of its functions or the exercise of its powers under this Act;
    (e) repaying any moneys borrowed under this Act and the interest due thereon; and
    (f) generally, paying any expenses for carrying into effect the provisions of this Act.
 
Conservation of the Fund
 
15.   It shall be the duty of the Perbadanan to conserve the Fund by so performing, exercising and discharging its functions, powers and duties under this Act as to secure that the total revenues of the Perbadanan are sufficient to meet all sums properly chargeable to its revenue account, including depreciation and interest on capital, taking one year with another.
 

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