Section 4
Transfer to Authority of property, assets and liabilities. [S 104/2010]
of Currency and Monetary Order, 2004 ( Formerly Known as Currency Act )
(1)
As from the appointed day, such movable and immovable property vested in the
Board as may be determined by the Minister and all assets, interests, rights, privileges, liabilities and obligations of the Board shall be transferred to and shall vest in the Authority without further assurance, act or deed.
(2)
If any question arises as to whether any particular property, asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Authority under subsection (1), a certificate under the hand of the Minister shall be conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested.
Incorporating amendments until S 104/2010
(Cleancopy) NANI/Hj.Afif/Amiriah/Bb/zura_as of 06.05.2019
3
BLUV as at 16th December 2010
(3)
Any immovable property to be transferred to and vested in the Authority under subsection (1) shall be held by the Authority upon such tenure and subject to such conditions as the Minister may determine.
(4)
Every proceedings by or against the Board which are pending on the appointed day may be continued, completed and enforced by or against the Authority.
(5)
Every agreement relating to any of the transferred properties to which the Board was a party immediately before the appointed day, whether or not of such nature that the rights and liabilities thereunder could be assigned, shall have effect as from that day as if –
(a)
the Authority had been a party to such an agreement; and
(b)
for any reference to the Board there were substituted in respect of anything to be done on or after the appointed day a reference to the Authority.
(6)
It is hereby declared for the avoidance of doubt that –
(a)
any reference in this Part to property vested in the Board is a reference to such property of the Board whether situated in Brunei Darussalam or elsewhere; and
(b)
any such reference to rights and liabilities of the Board is a reference to such rights to which the Board is entitled or, as the case may be, such liabilities to which the Board is subject, whether under the laws of Brunei Darussalam or any country or territory outside Brunei Darussalam and includes rights and liabilities arising under loans raised by the Board.
[S 71/2004; S 104/2010]