Section 5
Section 5
(1)
Every person in or resident in Brunei who is entitled to sell, or to procure the sale of, any gold, or any foreign currency to which this section ap-plies, and is not an authorised dealer, shall offer it, or cause it to be offered, for sale to an authorised dealer, unless the Controller consents to his reten-tion and use thereof or he disposes thereof to any other person with the permission of the Controller.
(b)
The foreign currency to which this section applies is such foreign currency (hereafter in this
Act referred to as "specified currency") as may from time to time be specified by order of His
Majesty in Council.
(2)
If a person who has obtained the consent of the
Controller to his retention and use of any gold or specified currency, and has stated in an application for the consent that he requires it for a particular purpose, no longer re-quires the gold or currency for that purpose, subsection (1)
shall thereupon apply to him in relation to that gold or currency as if the Controller had revoked his consent to his retention and use thereof.
(3)
A person who acquires any gold or specified cur-rency from an authorised dealer shall be treated for the purposes of this section as if the Controller had consented to the retention and use by him of that gold or currency (sub-ject, however, to any conditions notified to him in accord-ance with subsection (2) of section 4), and as if any state-ment made by him in an application for that gold or curren-cy, as to the purpose for which he requires it, had been
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Exchange Control made by him in an application for the Controller's consent to his retention and use thereof.
( 4) Where a person has become bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer, he shall not be deemed to comply with that obligation by any offer made or caused to be made by him, if the offer is an offer to sell at a price exceeding that authorised by the Controller, or with-out payment of any usual proper charges of the authorised dealer, or otherwise on any unusual terms.
( 5) Where a person has become bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer and has not com-plied with that obligation, the Minister may direct that that gold or currency shall vest in the Controller, and it shall vest in the Controller accordingly free from any mortgage, pledge or charge, and the Controller may deal with it as he thinks fit, but the Controller shall pay to the person who would but for the direction be entitled to the gold or curren-cy such sum as he would have received therefore if he had sold it to an authorised dealer in pursuance of an offer made under this section at the time when the vesting occurred.
( 6) In any proceedings in respect of a contravention of the provisions of this section, it shall be presumed, until the contrary is shown, that the gold or currency in question has not been offered for sale to an authorised dealer.