Section 7
Section 7
(1)
In advance of each forthcoming financial year, the Sustainability
Fund Board shall apply to withdraw from the Consolidated Fund a sum of money determined by the Board, after considering advice from the Fund
Allocation Committee.
(2)
In advance of each forthcoming financial year and based on its analysis of the sum of money the respective Trust Sub-Fund requires that year to accomplish its purpose under this Act, the respective Executive
Boards of the Fiscal Stabilisation Reserve Fund, the Retirement Fund and the
Strategic Development Capital Fund shall determine the sum of money necessary and suitable to accomplish that purpose and shall communicate that sum and the underlying rationale for the same to the Fund Allocation
Committee. That Committee shall then confer internally and with the
Sustainability Fund Board regarding the sum, if any, that the Sustainability
Fund shall allocate to each Trust Sub-Fund with respect to that financial year.
(3)
After considering the annual requests of each Trust Sub-Fund
Board, the analysis and advice of the Fund Allocation Committee and the sum that the Sustainability Fund expects to obtain from the Consolidated
Fund with respect to that financial year, the Sustainability Fund Board shall annually determine the amount of money, if any, it shall allocate to each of the Trust Sub-Funds and shall then allocate it. Whatever amount, if any, the
Sustainability Fund Board allocates to a Trust Sub-Fund shall be accounted for in the Consolidated Trust Account and shall be transferred to that Trust
Sub-Fund.
(4)
After determining the amount of the Oil Revenue Shortfall for each applicable quarter, the Minister shall, with the approval of His Majesty the Sultan and Yang Di-Pertuan, certify a sum which may be less than or equal to (but not more than) that amount and cause that sum to be transferred
Sustainability Fund
B.L.R.O. 3/2011 9
from the Fiscal Stabilisation Reserve Fund to the Consolidated Fund for the purpose of meeting some or all of the Oil Revenue Shortfall.
(5)
The assets of the Retirement Fund shall be used and applied solely for the purposes set out in section 5(4).
(6)
The Minister may authorise the transfer to the Consolidated Fund of assets of the Strategic Development Capital Fund resulting from dividends, distributions, sale of equity, other return on capital or return of capital to the Strategic Development Capital Fund from investments that it had previously made.
Investments, standards of care and internal governance of Trust Sub-Funds.