BRETTON WOODS
AGREEMENT
S 34/95
REVISED EDITION 2000
(31 st October 2000)
Bretton Woods Agreement
I
Section 1.
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Bretton Woods Agreement Act is Brunei Act, cited as Act 176 2000, currently marked in force and first recorded in 2000.
Chapter
AGREEMENT
S 34/95
REVISED EDITION 2000
(31 st October 2000)
Bretton Woods Agreement
I
Section 1.
REVISED EDITION 2000
Opening note
This Act may be cited as the Bretton WoodsAgreement Act.
Interpretation.
In this Act -
"Bank" means the International Bank for Reconstruction and
Development;
"financial authority of Brunei Darussalam" means the authority designated by His Majesty the Sultan and Yang Di-Pertuan for the purposes of this Act;
"Fund" means the International Monetary Fund established under the Fund Agreement;
"Fund Agreement" means the Articles of Agreement of the
International Monetary Fund as originally adopted and as subsequently amended.
Subscription to International Monetary Fund.
It shall be the function of the financial authority of Brunei
Darussalam to pay to the Fund the subscription payable on account of Brunei
Darussalam.
The financial authority of Brunei Darussalam may, with the approval of the Minister of Finance, accept on behalf of the Government any increase in the subscription of Brunei Darussalam to the Fund in consequence of an increase in the quota of Brunei Darussalam, and make payment of such part of the increase as may, under section 3 of Article III of
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the Fund Agreement, be payable in special drawing rights or in the currency of Brunei Darussalam or in any other currency specified by the Fund.
The financial authority of Brunei Darussalam is hereby authorised to create and issue to the Fund in such form as is appropriate any such non-interest bearing and non-negotiable notes or other obligations as the Fund may, under section 4 of Article III of the Fund Agreement, determine to accept in place of any part of the subscription of Brunei
Darussalam which would, but for such acceptance, be payable in the currency of Brunei Darussalam.
Power of financial authority of Brunei Darussalam in respect of special drawing rights.
The financial authority of Brunei Darussalam shall have power from time to time to acquire, hold and deal with special drawing rights of the
Government in accordance with the Fund Agreement and to perform all acts supplementalor incidentalthereto,including-
the payment of any charges payable to the Fund under section 2 of Article XX of the Fund Agreement and any sums payable to the Fund under section 4 of that Article;
the receipt of the interest payable by the Fund in respect of special drawing rights under section 1of the saidArticle XX; and
the discharge of any other obligations as a participant in the
Special Drawing Rights Department maintained by the Fund.
Power of financial authority of Brunei
Darussalam in relation to operations of General Resources Accounting Fund.
ThefinancialauthorityofBruneiDarussalamisherebyauthorised-
to take steps to ensure that the balances of the currency of
Brunei Darussalam purchased from the Fund by a member of the
Fund can be exchanged at the time of purchase, by the member, for a freely usable currency selected by Brunei Darussalam, in accordance with section 3 of Article V of the Fund Agreement;
to take steps to ensure that any member of the Fund repurchasing its own currency from the Fund can obtain the currency of Brunei Darussalam (if the currency of Brunei Darussalam is
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specified by the Fund for repurchase) at the time of repurchase in exchange for a freely usable currency selected by Brunei Darussalam in accordance with section 7 of Article V of the Fund Agreement;
to make payment of any charges payable to the Fund under section 8 of Article V of the Fund Agreement or any other sums payable to the Fund; and
to receive and remuneration payable by the Fund under section 9 of Article V of the Fund Agreement or any other sums payable by the Fund.
Subscription to
Development.
International
Bank for
Reconstruction and 6.
There shall be charged on the Consolidated Fund such part of the subscription of Brunei Darussalam as may, in accordance with the provisions of Article II of the Agreement of the International Bank for Reconstruction and Development (in this Act referred to as the
Bank Agreement) be payable in gold or United States dollars or in the currency of Brunei Darussalam.
There shall be charged on the Consolidated Fund such part of any increase in the subscription of Brunei Darussalam as may, in accordance with the provisions of Article II of the Bank Agreement, be payable in gold or United States dollars or in the currency of
Brunei Darussalam.
Except with the approval of His Majesty the Sultan and
Yang Di-Pertuan, the subscription of Brunei Darussalam shall not be increased.
The Minister of Finance is hereby authorised to create and issue to the International Bank for Reconstruction and Development such non-interest-bearing and non-negotiable notes or other obligations as the Bank may, under section 12 of Article V of the Bank Agreement, determine to accept in place of the currency of Brunei Darussalam.
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Other payments to
International
Bank for
Reconstruction and
Development.
Thereshallbe chargedontheConsolidatedFund-
all sums payable to the
International
Bank for
Reconstruction and Development under section 9 of Article II of the
Bank Agreement (which relates to changes in the par or foreign exchange value of currencies of members); and
all sums required for the redemption of any notes or obligations created and issued to that Bank under this Act.
Power to raise loans.
For the purpose of providing any sums required for making any payments under the Fund Agreement, Bank Agreement, or the membership resolutions, the Minister may, on behalf of the Government, raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as he may think fit and the principal and interest of such securities and the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.
Moneys received by Government to be paid into Consolidated Fund.
Any moneys received by the Government from the Bank in connection with the membership of Brunei Darussalam shall be paid into and form part of the Consolidated Fund.
Orders for carrying Agreements into effect.
His Majesty the Sultan and YangDi-Pertuan may,by order, make such provision as he may consider reasonably necessary for carrying into effect any of the provisions of the Fund Agreement and the Bank Agreement including but not limited to those relating to the status, immunities and privileges of the International Monetary Fund and of the International Bank for Reconstruction and Development and their respective governors, executive directors, alternates officers and employees, and the provisions of the Fund Agreement with regard to the unenforceability of exchange contracts.
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Without prejudice to the generality of subsection (1), the provisions of the Fund Agreement and the Bank Agreement specified in the
Schedule shall have the force of law in Brunei Darussalam.
Companies Act not to apply to Bank and to issue by Bank of shares, debentures, etc.
The International Bank for Reconstruction and Development shall be deemed not to be a corporation within the meaning of the Companies Act
(Chapter 39); and the provisions of the Act shall not, accordingly, apply to the Bank or to the issue by the Bank of any shares, debentures, bonds, notes or other securities.
(Section10(2))
PART A
ARTICLES OF AGREEMENT OF THE INTERNATIONAL
MONETARY FUND
Article VIII
GENERAL OBLIGATIONS OF MEMBERS
SECTION 2. AVOIDANCEOFRESTRICTION ON CURRENT
PAYMENTS
Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member.
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Article IX
STATUS,IMMUNITIES AND PRIVILEGES
SECTION 2. STATUS OF THE FUND
The Fund shall possess full juridical personality, and in particular, the capacity:
(i)
to contract;
to acquire and dispose of immovable and movable property; and
to institute legal proceedings.
SECTION 3. IMMUNITY FROM WDICIAL PROCESS
The fund, its property and its assets, wherever located and by whomsoever held, shall enjoy immunity from every form of judicial process except to the extent that it expressly waives its immunity for the purpose of any proceedings or by the terms of any contract.
SECTION 4. IMMUNITY FROM OTHERACTION
Property and assets of the Fund, wherever located and by whomsoever held, shall be immune from search, requisition, consfication, expropriation, or any other form of seizure by executive or legislative action.
SECTION 5. IMMUNITY OF ARCHIVES
The archives of the Fund shall be inviolable.
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SECTION 6. FREEDOM OF ASSETS FROM RESTRICTIONS
To the extent necessary to carry out the activities provided for in this Agreement, all property and assets of the Fund shall be free from restrictions, regulations, controls and moratoria of any nature.
SECTION 7. PRIVILEGE FOR COMMUNICATIONS
The official communications of the Fund shall be accorded by members the same treatment as the official communications of the members.
SECTION 8. IMMUNITIESAND PRIVILEGES OF
OFFICERS AND EMPLOYEES
All Governors, Executive Directors, Alternates, members of committees, representatives appointed under Article XII, section 3(j), advisors of any of the foregoing persons, officers and employees of the Fund:
shall be immune from legal process with respect to acts performed by them in their official capacity except when the Fund waives this immunity;
not being local nationals, shall be granted the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange restrictions as are accorded by members to the representatives, officials and employees of comparable rank of other members; and
shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
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SECTION 9. IMMUNITIES FROM TAXATION
The Fund, its assets, property, income and its operations and transactions authorised by this Agreement shall be immune from all taxation and from all custom duties. The Fund shall also be immune from liability for the collection or payment of any tax or duty.
No tax shall be levied on or in respect of salaries and emoluments paid by the Fund to Executive Directors,
Alternates, officers or employees of the Fund, including any dividend or interest thereon, by whomsoever held:
which discriminates against such obligation or security solely because of its origin; or
if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Fund.
ARTICLE XXI
ADMINISTRATION OF THE GENERAL DEPARTMENTAND THE
SPECIAL DRAWINGRIGHTS DEPARTMENT
(a)
In addition to the privileges and immunities that are accorded under Article IX of this Agreement, no tax of any kind shall be levied on special drawing rights or on the operations or transactions in special drawing rights.
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CAP. 176 11
PART B
ARTICLES OF AGREEMENT OF THE INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
Article VII
STATUS, IMMUNITIES AND PRIVILEGES
SECTION 2. STATUS OF THE BANK
The Bank shall possess fulljuridical personality and, in particular, the capacity:
to contract;
to acquire and dispose of immovable and movable property; and
to institute legal proceedings.
SECTION 3. POSITION OF THE BANK WITH REGARD TO
JUDICIAL PROCESS
Actions may be brought against the Bank only in a court of competentjurisdiction in the territories of a member in which the
Bank has an office, has appointed an agent for the purpose of accepting service or notice of process, or has issued or guaranteed securities. No actions shall, however, be brought by members or persons acting for or deriving claims from members.
The property and assets of the Bank shall, wheresoever located and by whomsoever held, be immune from all forms of seizure, attachment or execution before the delivery of final judgment against the Bank.
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SECTION 4. IMMUNITY OF ASSETS FROM SEIZURE
Property and assets of the Bank, wherever located and by whomsoever held, shall be immune from search, requisition, confiscation, expropriation or any other form of seizure by executive or legislative action.
SECTION 5. IMMUNITY OF ARCHIVES
The archives of the Bank shall be inviolable.
SECTION 6. FREEDOM OF ASSETS FROM RESTRICTIONS
To the extent necessary to carry out the operations provided for in this Agreement and subject to the provisions of this
Agreement, all property and assets of the Bank shall be free from restrictions, regulations, controls and moratoria of any nature.
SECTION 7. PRIVILEGE FOR COMMUNICATIONS
The official communications of the Bank shall be accorded by each member the same treatment that it accords to the official communications of other members.
SECTION 8. IMMUNITIES AND PRIVILEGES OF
OFFICERS AND EMPLOYEES
All governors, executive directors, officers and employees of the
Bank
(i)
shall be immune from legal process with respect to acts performed by them in their official capacity except when the Bank waives this immunity;
not being local nationals, shall be accorded the same immunities from immigration restrictions, alien registration requirements and national service obligations and the same facilities as regards exchange
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restrictions as are accorded by members to the representatives, officials and employees of comparable rank of other members;
shall be granted the same treatment in respect of travelling facilities as is accorded by members to representatives, officials and employees of comparable rank of other members.
SECTION 9. IMMUNITIES FROM TAXATION
The Bank, its assets, property, income and its operations and transactions authorised by this Agreement, shall be immune from all taxation and from all customs duties. The Bank shall also be immune from liability for the collection or repayment of any tax or duty.
No tax shall be levied on or in respect of salaries and emoluments paid by the Bank to executive directors, alternates, officials or employees of the Bank who are not local citizens, local subjects or other local nationals.
No taxation of any kind shall be levied on any obligation or security issued by the Bank (including any dividend or interest thereon) by whomsoever held:
which discriminates against such obligation or security solely because it is issued by the Bank; or
if the sole jurisdictional basis for such taxation is the place or currency in which it is issued, made payable or paid, or the location of any office or place of business maintained by the Bank.
(d)
No taxation of any kind shall be levied on any obligation or security guaranteed by the Bank (including any dividend or interest thereon) by whomsoever held:
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(i)
which discriminates against such obligation or security solely because it is guaranteed by the Bank; or
if the sole jurisdictional basis for such taxation is the location of any office or place of business maintained by the Bank.
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