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Human Resources Development Act 1992, Page 4

PART IV - HUMAN RESOURCES DEVELOPMENT FUND

9. Establishment of Fund.

(1) For the purpose of this Act there shall be established a Human Resources Development Fund, into which shall be paid—

(a) all monies collected by way of levy under sections 3 and 5A;

(b) all monies recoverable from loans granted under this Act;

(c) all monies earned or arising from any property, investments, charges or debentures acquired by or vested in the Council; and

(d) any gift, donation, contribution or any other sums received from any source.

(2) The Fund shall be expended for the purpose of—

(a) the promotion, development and upgrading of skills of employees including the provision, establishment, expansion, upgrading or maintenance of training facilities;

(b) the provision of financial assistance to employers by way of grant, loan or otherwise for the purposes mentioned in paragraph (a) including defraying or subsidising the costs incurred by any employer in the training or retraining of his employees;

(c) carrying out, subject to such terms and conditions as may be approved by the Minister, of activities or projects to train or retrain retrenched persons or persons to be retrenched;

{d) paying any expenses lawfully incurred by the Council including any fees and costs, the remuneration of officers and servants employed by the Council, and allowances payable to any member of the Council, Investment Panel or any committee established under this Act; and

(e) generally paying any expenses for carrying into effect the provisions of this Act and in connection with the administration of the Fund.

10. Recovery of levy and loan.

Any levy payable or loan granted under this Act, together with any interest thereon, shall be a debt due to and be recoverable by the Council.

11. Investment Panel.

(1) There shall be established an Investment Panel which shall, subject to such directions as may be issued by the Council, be responsible for matters pertaining to the investments of the Fund.

(2) The Investment Panel shall consist of—

(a) the Chairman of the Council or any person for the time being acting as Chairman of the Council, as Chairman;

(b) two members appointed by the Council from amongst its members;

(c) the chief executive of the Council;

(d) a representative from the Ministry of Finance;

(e) a representative from Bank Negara, Malaysia; and

(f) two other persons with business and financial experience to be appointed by the Minister.

(3) A person appointed in accordance with paragraph (2)(f) shall serve for a period of two years from the date of his appointment.

(4) The provisions of the Second Schedule shall apply to the members of the Investment Panel.

12. Power to invest.

(1) The Investment Panel may, from time to time, invest the Fund or any part thereof not being monies immediately required for meeting the Fund's obligations and expenses—

(a) in investments or securities authorised for the investment of trust funds by any written law for the time being in force; or

(b) in shares and debentures in any public company the prices of which are quoted or sought to be quoted on the stock exchange established in Malaysia; and

(c) in such other investments or securities as the Investment Panel may decide:

Provided that any investment made under this Act may be varied, transposed or realised from time to time.

(2) The Minister in consultation with the Minister of Finance may, at any time, direct the vacation in part or in whole, or prohibit investment, in any security or class of securities.

(3) For the purposes of this section—

"debenture" includes debenture stock, bonds, notes or any other securities or obligations of a company, whether constituting a charge on the assets of the company or not, and also includes the right to subscribe for any debenture;

"share" means the paid-up shares (whether fully paid or not) in the share capital of a company and includes stock and right to subscribe for any stock or share.

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