Act · 2012 Revised Edition
Asian Development Bank Act
Joining the Asian development bank as a memberOfficial textFrom Attorney General's Chambers, unchanged
s 1Citation
This Act may be cited as the Asian Development Bank Act.
s 2Interpretation
In this Act, unless the context requires otherwise —
“Agreement” means the Agreement establishing the Asian
Development Bank done at Manila on the 4th December 1965, which entered into force on the 22nd August 1966;
“Article” means an Article of the Agreement;
“Bank” means the Asian Development Bank;
“Minister” means the Minister of Finance.
Power to subscribe to shares of Bank. [S 114/10]
s 3The Minister, with the approval of His Majesty the Sultan and
Yang Di-Pertuan, is hereby authorised to subscribe on behalf of the
Government —
to shares of the original authorised capital stock of the Bank in accordance with paragraph 1 of Article 5;
where the original authorised capital stock of the Bank is increased in accordance with paragraph 2 of Article 5, to a proportion of the increase of stock as provided in that paragraph; and
where the shares of Brunei Darussalam have been increased at the request of the Government in accordance with paragraph 3 of
Article 5, to the amount of such increase.
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The following shall be charged on the Consolidated Fund —
all sums payable to the Bank by way of subscription to its paid-in capital stock pursuant to section 3, as provided in Articles 5
and 6 and Resolution No. 316 of the Board of Governors of the Bank;
all sums payable to the Bank by way of subscription to its callable capital stock as and when required by the Bank, as provided in paragraph 5 of Article 6 and Resolution No. 316 of the Board of
Governors of the Bank;
all sums payable to the Bank under any other provision of the Agreement;
all sums required for the redemption of any notes or obligations created and issued to the Bank under section 6; and
all sums payable to the Asian Development Fund of the
Bank.
All sums charged on the Consolidated Fund under this section may be paid in gold, United States dollars or in local currency.
s 5Power to raise loans
For the purposes of providing any sums required for making any payment to the Bank, the Minister may, on behalf of the Government and with the approval of His Majesty the Sultan and Yang Di-Pertuan, raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as he may think fit, and the principal and interest of such securities and any expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.
s 6Issue of non-negotiable notes etc.
The Minister may, with the approval of His Majesty the Sultan and
Yang Di-Pertuan, create and issue to the Bank, in such form as he thinks fit, any such non-negotiable and non-interest-bearing notes or other obligations as are provided for by paragraph 3 of Article 6.
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s 7Moneys received by Government
All sums received by or on behalf of the Government from the Bank shall be paid into the Consolidated Fund.
The provisions of Chapter VIII of the Agreement set out in the
Schedule shall have the force of law:
Provided that —
the Bank, its property and its operations and transactions shall be exempt in accordance with Article 56 from all taxation and any obligation for the payment, withholding or collection of any tax or duty, including any indirect tax, such as a sales or value-added tax;
nothing in Article 56 shall be construed as conferring on the
Bank any exemption from taxes or duties which are in fact no more than charges for services rendered;
the Bank shall be allowed to import free of all customs duties, taxes and other levies goods and articles, and any goods and articles imported under such exemption may be disposed of locally, subject to such terms as may be agreed upon with the Government which shall not be less favourable than those applicable to any other international organisation and government including its diplomatic mission in Brunei Darussalam.
The Minister may, by notification published in the Gazette, amend the Schedule in conformity with any amendments to the Agreement set out therein which may hereafter be made and adopted.
Chapter 39 shall not apply.
s 9
The Bank shall be deemed not to be a company within the meaning of the Companies Act (Chapter 39); and the provisions of that Act shall not accordingly apply to the Bank or to the issue by the Bank of any shares, debentures, bonds, notes or other securities.
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Rules.
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make rules which are necessary or expedient for giving effect to and carrying out the provisions of this Act and for the due administration thereof.
Such rules may include such incidental, consequential and supplementary provisions as the Minister considers necessary or expedient.
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