Section 16 — Brunei Investment Agency Act

(1)

Upon the coming into operation of this Act, such movable property, assets, rights, interests and privileges as constitute any part of the

General Reserve Fund, together with any debts, liabilities or obligations connected therewith or appertaining thereto shall be deemed to have been transferred to and vested in the Agency without the requirement of any further action.

(2)

The Minister of Finance and Economy shall have power to do all acts or things that he considers necessary or expedient to give effect to the provisions of subsection (1).

[GN 12/2019]

(3)

If the question arises as to whether —

(a)

any of the functions, duties and powers; or

(b)

any movable property, assets, rights, interests, privileges, debts, liabilities and obligations, have been transferred to or vested in the Agency under subsection (1), a certificate executed by the Minister of Finance and Economy shall be conclusive evidence of such transfer or vesting.

[GN 12/2019]