MINISTER FOR FINANCE (INCORPORATION)
S 43/2011
Amended by
S 31/2022
REVISED EDITION 2023
B.L.R.O. 6/2023
Minister For Finance
(Incorporation)
B.L.R.O. 6/2023 3
REVISED EDITION 2023
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Minister for Finance (Incorporation) Act is Brunei Act, cited as Act 264 2023, currently marked in force and first recorded in 2023.
Chapter
S 43/2011
Amended by
S 31/2022
REVISED EDITION 2023
B.L.R.O. 6/2023
Minister For Finance
(Incorporation)
B.L.R.O. 6/2023 3
REVISED EDITION 2023
Opening note
Citation
This Act may be cited as the Minister For Finance (Incorporation) Act.
Interpretation
In this Act, unless the context otherwise requires —
“appointed day” means the day appointed under section 8(1);
“Corporation” means the Minister for Finance Corporation constituted under section 3;
“holding company” means the company nominated for the purposes of section 8(1);
“Minister” means the Minister responsible for Minister for Finance
Corporation;
[S 31/2022]
“Prime Minister Corporation” means the corporation referred to in section 2(1) of the repealed Constitution (Prime Minister
Incorporation) Order, 1960 (S 55/1960);
“specified companies” means the companies specified in the order made by the Minister pursuant to section 8(1).
Constitution of body corporate
The Minister for the time being charged with the responsibility for finance shall be a body corporate under the name of “Minister for Finance”
(referred to in this Act as the Corporation).
The Corporation may sue and be sued in its corporate name and shall have perpetual succession and a corporate seal, and the said seal may from time to time be broken, changed, altered and made anew as the
Corporation sees fit.
Minister For Finance
(Incorporation)
Powers
The Corporation may acquire, purchase, take, hold and enjoy movable and immovable property of every description, and may convey, assign, surrender and yield up, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property vested in the
Corporation upon such terms as the Corporation sees fit.
Execution of documents
All deeds, documents or other instruments requiring the seal of the
Corporation shall be sealed with the seal of the Corporation in the presence of the Minister, who shall sign every such deed, document or other instrument to which the corporate seal is affixed, and such signing shall be sufficient evidence that the seal was duly and properly affixed and that the seal is the lawful seal of the Corporation.
Notification to be conclusive evidence
A notification published in the Gazette that a Minister has been charged with the responsibility for finance shall be conclusive evidence that the
Minister has been so charged.
Transfer to Corporation of property, rights and liabilities of Prime
Minister Corporation
On the commencement of this Act, all property, rights and liabilities of the Prime Minister Corporation except otherwise excluded by an order made by the Minister thereof shall be transferred to and vest in the
Corporation without further assurance, act or deed except otherwise provided in this Act.
The Minister shall have power to do all acts or things as he considers necessary or expedient for giving effect to and carrying out the provisions of subsection (1).
If any question arises as to whether any particular property, right or liability has been transferred to and vested in the Corporation under subsection (1), a certificate under the hand of the Minister shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
Minister For Finance
(Incorporation)
B.L.R.O. 6/2023 7
Any immovable property to be transferred to and vested in the
Corporation under subsection (1) shall be held by the Corporation upon such tenure and subject to such conditions as the Minister may determine.
Any proceedings by or against the Prime Minister Corporation which are pending on the commencement of this Act may be continued, completed and enforced by or against the Corporation.
Any agreement made, transaction effected or other thing done by, to or in relation to the Prime Minister Corporation which is in force or effective immediately before the commencement of this Act shall have effect as from the commencement of this Act as if made, effected or done by, to or in relation to the Corporation, in all respects as if the Corporation were the same person, in law, as the Prime Minister Corporation.
For the purposes of subsection (6), references to the Prime
Minister Corporation —
in any process or other document issued, prepared or employed for the purpose of any proceeding before any court or other tribunal or authority; and
in any other document whatever relating to or affecting any property, right or liability of the Prime Minister Corporation which vests by virtue of subsection (1) in the Corporation, shall be taken, regardless of any implied or express provision to the contrary, from 1st November 2011, as referring to the Corporation.
It is hereby declared for avoidance of doubt that —
any reference in this Act to property vested in the Prime
Minister Corporation is a reference to such property of the Prime
Minister Corporation whether situated in Brunei Darussalam or elsewhere whether or not capable of being transferred or assigned to the Prime Minister Corporation; and
any reference to the rights and liabilities of the Prime Minister
Corporation is a reference to such rights to which the Prime Minister
Corporation is entitled or, as the case may be, such liabilities to which
Minister For Finance
(Incorporation)
8
the Prime Minister Corporation is subject, whether under the laws of
Brunei
Darussalam or any country or territory outside
Brunei Darussalam and whether or not capable of being transferred or assigned to the Corporation and includes rights and liabilities arising under loans raised by the Prime Minister Corporation.
Vesting of property, rights and liabilities of specified companies in holding company
On such day as the Minister may by order appoint, all property, rights and liabilities to which the Corporation was entitled to or subject by virtue of section 7(1) in respect of the companies specified in the order shall become, by virtue of this section, the property, rights and liabilities of a company nominated for the purposes of this section by the Minister, and references in this Act to the appointed day or to the holding company are references to the day so appointed or the company so nominated respectively.
The Minister shall have power to do all acts or things as he considers necessary or expedient for giving effect to and carrying out the provisions of subsection (1).
If any question arises as to whether any particular property, right or liability has been transferred to and vested in the holding company under subsection (1), a certificate under the hand of the Minister shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.
Any proceeding by or against the Corporation in respect of the specified companies which are pending immediately before the appointed day may be continued, completed and enforced by or against the holding company.
Any agreement made, transaction effected or other thing done by, to or in relation to the Corporation in respect of the specified companies which is in force or effective immediately before the appointed day shall have effect as from the appointed day as if made, effected or done by, to or in relation to the holding company, in all respects as if the holding company were the same person, in law, as the Corporation.
Minister For Finance
(Incorporation)
B.L.R.O. 6/2023 9
For the purposes of subsection (5), references to the
Corporation —
in any process or other document issued, prepared or employed for the purpose of any proceeding before any court or other tribunal or authority; and
in any other document whatever relating to or affecting any property, right or liability of the Corporation which vests by virtue of subsection (1) in the holding company, shall be taken, regardless of any implied or express provision to the contrary, from the appointed day, as referring to the holding company.
It is hereby declared for avoidance of doubt that —
any reference in this Act to property vested in the Corporation in respect of the specified companies is a reference to such property of the Corporation whether situated in Brunei Darussalam or elsewhere whether or not capable of being transferred or assigned to the holding company; and
any reference to the rights and liabilities of the Corporation in respect of the specified companies is a reference to such rights to which the Corporation in respect of the specified companies is entitled or, as the case may be, such liabilities to which the Corporation in respect of the specified companies is subject, whether under the laws of
Brunei
Darussalam or any country or territory outside
Brunei Darussalam and whether or not capable of being transferred or assigned to the holding company and includes rights and liabilities arising under loans raised by the Corporation in respect of the specified companies.
Dissolution of Prime Minister Corporation
The Prime Minister Corporation shall continue in existence after the commencement of this Act until it is dissolved in accordance with subsection (2); and until such dissolution, the Corporation shall exercise all powers of the Prime Minister Corporation.
Minister For Finance
(Incorporation)
Once the Minister is satisfied that nothing further remains to be done by the Corporation under this Act, he may, by order dissolve the Prime
Minister Corporation on a day specified in the order and deal with any remaining property vested in the Prime Minister Corporation on such terms as the Minister sees fit.
Transitional and saving provisions
The Minister may by order make such transitional and saving provision as appears to him necessary or expedient in connection with the commencement of this Act and any provision of an order made under this section after the commencement of this Act may be made so as to have effect as from that or any later day.
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