Section 7
Minister Corporation
of Minister for Finance (Incorporation) Act
(1)
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.
(2)
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).
(3)
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)
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(4)
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.
(5)
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.
(6)
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.
(7)
For the purposes of subsection (6), references to the Prime
Minister Corporation —
(a)
in any agreement (whether or not in writing) and in any deed, bond or instrument;
(b)
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
(c)
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.
(8)
It is hereby declared for avoidance of doubt that —
(a)
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
(b)
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)
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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.