Section 9

General powers of Board

of Brunei Economic Development Board Act

ActIn forceProvision 9 of 18

(1)

For the purposes of performing any of its functions under section 8, the Board may —

(a)

acquire, purchase, exchange, sell or lease and hold land, buildings and other immovable property;

(b)

build houses, flats, tenements, shops and shop-houses, convert any house, shop or shop-house into flats or tenements;

(c)

acquire, purchase, exchange, lease and hold land for the purpose of development and resale to the public and building lots, or industrial land and for the purposes of providing open spaces and recreation grounds;

(d)

do all other things as may be necessary or expedient for the purposes of carrying into effect the provisions of this Act;

(e)

do any work on land necessary for the purposes of its development, as building or industrial land;

(f)

acquire, purchase, exchange, lease and hold mining, agricultural and timber land for purposes of mining, agricultural development and logging respectively;

(g)

sell land, building or other immovable property;

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B.L.R.O. 2/2023 11

(h)

lease to other persons in accordance with the provisions of any law in force in Brunei Darussalam relating to land or dealings in land, from month to month or otherwise, any land or building or other immovable property at such rent and subject to such terms and conditions as the Board shall think fit;

(i)

enter into contracts with other persons such persons should build or do any work on behalf of the Board;

(j)

enter into contracts or do any other act or matter necessary and proper for carrying into effect the purposes of this Act;

(k)

with the written approval of the Minister and the Minister of Finance and Economy, underwrite the issue of stocks, shares, bonds or debentures by business enterprises;

(l)

with the written approval of the Minister and the Minister of Finance and Economy, guarantee on such terms and conditions as may be agreed upon, loans raised by business enterprises which are floated in the public market;

(m)

with the written approval of the Minister and the Minister of Finance and Economy, grant loans or advances to business enterprises for the purpose of industrial development;

(n)

manage, control or supervise business enterprises by nominating directors or advisers or otherwise collaborating with them;

(o)

with the written approval of the Minister and the Minister of Finance and Economy, establish, sell shares of, invest in and manage business enterprises;

(p)

provide technical service and assistance to business enterprises and to build up a corps of engineering and managerial staff to provide such assistance;

(q)

receive in consideration of the services rendered by it such commission as may be agreed upon;

(r)

act as agents for any business enterprises;

Brunei Economic Development Board 12

(s)

subscribe to stocks, shares, bonds or debentures of industrial enterprise;

(t)

lay out, develop and manage sites, parks, estates, identified zones and other premises for industries and businesses in

Brunei Darussalam or elsewhere via sale or lease of specific site;

(u)

foster the growth of the service industry by developing the appropriate infrastructure and formulating and implementing investment promotion plans, promotional incentives and marketing strategies to support local and international firms and businesses in the services sector in Brunei Darussalam;

(v)

facilitate new and existing companies in the implementation and operation of their projects, and offer assistance through direct consultation and co-operation with the relevant authorities;

(w)

exercise all functions and powers and perform all duties which, under or by virtue of any written law, are or may be or become vested or delegated to it; and

(x)

generally do all such matters and things as may be incidental to or consequential upon the exercise of its duties under this Act.

(2)

For the purposes of subsection (1)(u), “services” means all or any of the following services —

(a)

financial and business services;

(b)

engineering and technical services;

(c)

information technology services;

(d)

transport and communication services;

(e)

warehousing and distribution services;

(f)

accountancy and management and professional services;

(g)

agrotechnology services;

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B.L.R.O. 2/2023 13

(h)

education services;

(i)

medical services;

(j)

publishing services;

(k)

entertainment, leisure and recreation services;

(l)

exhibition services; and

(m)

any other services which the Minister may prescribe.

Read in full context — Brunei Economic Development Board Act →

Section 9

General powers of Board

of Brunei Economic Development Board Act

ActIn forceProvision 9 of 18

(1)

For the purposes of performing any of its functions under section 8, the Board may —

(a)

acquire, purchase, exchange, sell or lease and hold land, buildings and other immovable property;

(b)

build houses, flats, tenements, shops and shop-houses, convert any house, shop or shop-house into flats or tenements;

(c)

(d)

do all other things as may be necessary or expedient for the purposes of carrying into effect the provisions of this Act;

(e)

do any work on land necessary for the purposes of its development, as building or industrial land;

(f)

acquire, purchase, exchange, lease and hold mining, agricultural and timber land for purposes of mining, agricultural development and logging respectively;

(g)

sell land, building or other immovable property;

Brunei Economic Development Board

B.L.R.O. 2/2023 11

(h)

(i)

enter into contracts with other persons such persons should build or do any work on behalf of the Board;

(j)

enter into contracts or do any other act or matter necessary and proper for carrying into effect the purposes of this Act;

(k)

with the written approval of the Minister and the Minister of Finance and Economy, underwrite the issue of stocks, shares, bonds or debentures by business enterprises;

(l)

(m)

with the written approval of the Minister and the Minister of Finance and Economy, grant loans or advances to business enterprises for the purpose of industrial development;

(n)

manage, control or supervise business enterprises by nominating directors or advisers or otherwise collaborating with them;

(o)

with the written approval of the Minister and the Minister of Finance and Economy, establish, sell shares of, invest in and manage business enterprises;

(p)

provide technical service and assistance to business enterprises and to build up a corps of engineering and managerial staff to provide such assistance;

(q)

receive in consideration of the services rendered by it such commission as may be agreed upon;

(r)

act as agents for any business enterprises;

Brunei Economic Development Board 12

(s)

subscribe to stocks, shares, bonds or debentures of industrial enterprise;

(t)

lay out, develop and manage sites, parks, estates, identified zones and other premises for industries and businesses in

Brunei Darussalam or elsewhere via sale or lease of specific site;

(u)

(v)

facilitate new and existing companies in the implementation and operation of their projects, and offer assistance through direct consultation and co-operation with the relevant authorities;

(w)

exercise all functions and powers and perform all duties which, under or by virtue of any written law, are or may be or become vested or delegated to it; and

(x)

generally do all such matters and things as may be incidental to or consequential upon the exercise of its duties under this Act.

(2)

For the purposes of subsection (1)(u), “services” means all or any of the following services —

(a)

financial and business services;

(b)

engineering and technical services;

(c)

information technology services;

(d)

transport and communication services;

(e)

warehousing and distribution services;

(f)

accountancy and management and professional services;

(g)

agrotechnology services;

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B.L.R.O. 2/2023 13

(h)

education services;

(i)

medical services;

(j)

publishing services;

(k)

entertainment, leisure and recreation services;

(l)

exhibition services; and

(m)

any other services which the Minister may prescribe.

Read in full context — Brunei Economic Development Board Act →