Section 2
Short title
(1)
In this Act-
"authorised dealer" means, in relation to gold or any foreign currency, a person for the time being authorised by an order of the Controller to act for the purpose of this Act as an authorised dealer in relation to gold, or, as the case may be, that fore-ign currency;
"authorised depositary" means a person for the time being authorised by an order of the Control-ler to act as an authorised depositary for the pur-poses of Part IV;
"bank" or "banker" in so far as it refers to a bank or banker in Brunei means any bank which is
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"bearer certificate" means a certificate of title to securities by the delivery of which (with or without endorsement) the title to the securities is transfer-able;
"certificate of title to securities" means any docu-ment of title whereby a person recognises the title of another to securities issued or to be issued by the first-mentioned person, and in the case of any such document with coupons (whether attached or
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Exchange Control on separate coupon sheets) includes any coupons which have not been detached;
"the Controller" means the Controller of Foreign
Exchange;
"coupon" means a coupon representing dividends or interest on a security;
"foreign currency" means any currency other than local currency and other than any currency or notes issued under the law of any part of the sche-duled territories but, save as aforesaid, includes any currency and any notes of a class which are or have at any time been legal tender in any territory outside Brunei and any reference to foreign cur-rency, except so far as the context otherwise re-quires, includes a reference to any right to receive foreign currency in respect of any credit or balance at a bank;
"gold" means gold coin and bullion and includes any gold in whatever state or form other than gold which has been materially increased in value by skilled craftsmanship;
"local currency" means currency which is legal tender in Brunei;
"note" means any bank note or currency note which is or has at any time been legal tender in any territory;
"offence" means an offence against this Act and includes any contravention of any order, direction, prohibition, restriction, condition or requirement made, given or imposed under powers conferred by this Act;
"policy of assurance" means any policy securing the payment of a capital sum or annuity on the
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Exchange Control occurrence of a specified event which is certain to happen and includes -
(a)
any policy by which the payment of money is assured on death (except death by accident only)
or the happening of any contingency dependent on human life; and
(b)
any policy securing the payment of an im-mediate annuity;
and the reference in this definition to the occurr-ence of a specified event which is certain to happen shall include the occurrence, which is certain to happen, of one of specified events none of which by itself is certain to happen;
"prescribed" means prescribed, for the purposes of the provision in question, by order of the Con-troller signified in the Gazette;
"scheduled territories" means the territories spe-cified in the First Schedule in which the Controller may at any time by order amend the said Schedule;
"secondary securities" has the meaning ascribed to it by section 22;
"securities" means shares, stock, bonds, notes
(other than promissory notes) debentures, deben-ture stock, units under a unit trust scheme and shares in an oil royalty;
"specified currency" has the meaning ascribed to it by section 5 as extended by section 7;
"unit trust scheme" means any arrangements made for the purpose, or having the effect, of pro-viding for persons having funds available for in-vestment, facilities for the participation by them, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of any property whatsoever; and 7
B.L.R.O.J/1984
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Exchange Control
"unit" means, in relation to a unit trust scheme, a right or interest (whether described as a unit, as a sub-unit or otherwise) which may be acquired under the schen1e.
(2)
Any provision of this Act (however worded), the effect of which is to prohibit the doing of any act where a person to or by whom the act is to be done or who stands in a specified relation to any property possesses any specified attribute as to residence or otherwise, shall, where the act is done to or by two or more persons or, as the case may be, where two or more persons stand jointly in that relation to the property, operate to prohibit the doing of that act if any of those persons possess that attribute; and any provision of this Act imposing an obligation on any person to do an act if he possesses any specified attribute as to residence or other-wise shall, in relation to any act which can only be done by two or more persons jointly -
(a)
where all those persons possess that attri-bute, operate to impose a joint obligation on all of them to do the act; and
(b)
where some only of them possess that attri-bute, operate to impose a separate obligation on each one of them who possesses that attribute to do all he can to secure the doing of the act.
(3)
Any power conferred by this Act to prescribe the declarations which are to be furnished on any occasion shall include a power to require that the declarations shall be made by specified persons and shall be verified in a specified manner.
( 4) Nothing in this Act shall be construed as requir-ing the Controller to pay any sum otherwise than in sterling or local currency or otherwise than in Brunei and any provi-sion of this Act requiring the Controller to pay any sum to any person shall, where that sum is in a specified currency,
Exchange Control be construed as a provision that the Controller shall pay to that person the amount in sterling or local currency which he would have received for the specified currency if he had sold it to an authorised dealer in pursuance of an offer made under section 5 at the time the said sum is paid.
(5)
The obligations and prohibitions imposed by this
Act shall, subject to the express limitations contained there-in, apply to all persons notwithstanding that they are not in
Brunei and are not citizens of Brunei.