Section 3

There is hereby established the “Brunei Darussalam Deposit

Protection Corporation”.

Deposit Protection

B.L.R.O. 7/2023 11

The Corporation shall be a body corporate with perpetual succession and a common seal with power, subject to this Act, to acquire and dispose of property and may sue and be sued in its corporate name.

All deeds, documents and other instruments requiring the seal of the Corporation shall be sealed with the common seal of the Corporation by the authority of the Corporation in the presence of the Chief Executive

Officer or a member of the Corporation and of some other person duly authorised by the Corporation to act in that behalf, and shall be signed by the

Chief Executive Officer or member of the Corporation, as the case may be, and by that duly authorised other person, and such signing shall be sufficient evidence that the common seal of the Corporation has been duly and properly affixed and that the seal is the lawful seal of the Corporation.

The Corporation may by resolution or otherwise appoint an officer of the Corporation or any other agent either generally or in a particular case to execute or sign on behalf of the Corporation any agreement or other instrument not under seal in relation to any matter coming within the powers of the Corporation.