Act · 2000 Revised Edition
Bretton Woods Agreement Act
Membership of the international monetary fund and world bankOfficial textFrom Attorney General's Chambers, unchanged
BRETTON WOODS AGREEMENT
s 1
This Act may be cited as the Bretton WoodsAgreement Act.
Interpretation.
s 2In this Act -
"Bank" means the International Bank for Reconstruction and
Development;
"financial authority of Brunei Darussalam" means the authority designated by His Majesty the Sultan and Yang Di-Pertuan for the purposes of this Act;
"Fund" means the International Monetary Fund established under the Fund Agreement;
"Fund Agreement" means the Articles of Agreement of the
International Monetary Fund as originally adopted and as subsequently amended.
Subscription to International Monetary Fund.
s 3
It shall be the function of the financial authority of Brunei
Darussalam to pay to the Fund the subscription payable on account of Brunei
Darussalam.
The financial authority of Brunei Darussalam may, with the approval of the Minister of Finance, accept on behalf of the Government any increase in the subscription of Brunei Darussalam to the Fund in consequence of an increase in the quota of Brunei Darussalam, and make payment of such part of the increase as may, under section 3 of Article III of
4
Bretton Woods Agreement 2000Ed.
the Fund Agreement, be payable in special drawing rights or in the currency of Brunei Darussalam or in any other currency specified by the Fund.
The financial authority of Brunei Darussalam is hereby authorised to create and issue to the Fund in such form as is appropriate any such non-interest bearing and non-negotiable notes or other obligations as the Fund may, under section 4 of Article III of the Fund Agreement, determine to accept in place of any part of the subscription of Brunei
Darussalam which would, but for such acceptance, be payable in the currency of Brunei Darussalam.
Power of financial authority of Brunei Darussalam in respect of special drawing rights.
s 4
The financial authority of Brunei Darussalam shall have power from time to time to acquire, hold and deal with special drawing rights of the
Government in accordance with the Fund Agreement and to perform all acts supplementalor incidentalthereto,including-
the payment of any charges payable to the Fund under section 2 of Article XX of the Fund Agreement and any sums payable to the Fund under section 4 of that Article;
the receipt of the interest payable by the Fund in respect of special drawing rights under section 1of the saidArticle XX; and
the discharge of any other obligations as a participant in the
Special Drawing Rights Department maintained by the Fund.
Power of financial authority of Brunei
Darussalam in relation to operations of General Resources Accounting Fund.
s 5ThefinancialauthorityofBruneiDarussalamisherebyauthorised-
to take steps to ensure that the balances of the currency of
Brunei Darussalam purchased from the Fund by a member of the
Fund can be exchanged at the time of purchase, by the member, for a freely usable currency selected by Brunei Darussalam, in accordance with section 3 of Article V of the Fund Agreement;
to take steps to ensure that any member of the Fund repurchasing its own currency from the Fund can obtain the currency of Brunei Darussalam (if the currency of Brunei Darussalam is
Bretton Woods Agreement
CAP. 176 5
specified by the Fund for repurchase) at the time of repurchase in exchange for a freely usable currency selected by Brunei Darussalam in accordance with section 7 of Article V of the Fund Agreement;
to make payment of any charges payable to the Fund under section 8 of Article V of the Fund Agreement or any other sums payable to the Fund; and
to receive and remuneration payable by the Fund under section 9 of Article V of the Fund Agreement or any other sums payable by the Fund.
Subscription to
Development.
International
Bank for
Reconstruction and 6.
There shall be charged on the Consolidated Fund such part of the subscription of Brunei Darussalam as may, in accordance with the provisions of Article II of the Agreement of the International Bank for Reconstruction and Development (in this Act referred to as the
Bank Agreement) be payable in gold or United States dollars or in the currency of Brunei Darussalam.
There shall be charged on the Consolidated Fund such part of any increase in the subscription of Brunei Darussalam as may, in accordance with the provisions of Article II of the Bank Agreement, be payable in gold or United States dollars or in the currency of
Brunei Darussalam.
Except with the approval of His Majesty the Sultan and
Yang Di-Pertuan, the subscription of Brunei Darussalam shall not be increased.
The Minister of Finance is hereby authorised to create and issue to the International Bank for Reconstruction and Development such non-interest-bearing and non-negotiable notes or other obligations as the Bank may, under section 12 of Article V of the Bank Agreement, determine to accept in place of the currency of Brunei Darussalam.
1/2000
6
Bretton Woods Agreement 2000Ed.
Other payments to
International
Bank for
Reconstruction and
Development.
s 7Thereshallbe chargedontheConsolidatedFund-
all sums payable to the
International
Bank for
Reconstruction and Development under section 9 of Article II of the
Bank Agreement (which relates to changes in the par or foreign exchange value of currencies of members); and
all sums required for the redemption of any notes or obligations created and issued to that Bank under this Act.
Power to raise loans.
s 8
For the purpose of providing any sums required for making any payments under the Fund Agreement, Bank Agreement, or the membership resolutions, the Minister may, on behalf of the Government, 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 the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.
Moneys received by Government to be paid into Consolidated Fund.
s 9
Any moneys received by the Government from the Bank in connection with the membership of Brunei Darussalam shall be paid into and form part of the Consolidated Fund.
Orders for carrying Agreements into effect.
His Majesty the Sultan and YangDi-Pertuan may,by order, make such provision as he may consider reasonably necessary for carrying into effect any of the provisions of the Fund Agreement and the Bank Agreement including but not limited to those relating to the status, immunities and privileges of the International Monetary Fund and of the International Bank for Reconstruction and Development and their respective governors, executive directors, alternates officers and employees, and the provisions of the Fund Agreement with regard to the unenforceability of exchange contracts.
t
Bretton Woods Agreement
CAP. 176 7
Without prejudice to the generality of subsection (1), the provisions of the Fund Agreement and the Bank Agreement specified in the
Schedule shall have the force of law in Brunei Darussalam.
s 11Companies Act not to apply to Bank and to issue by Bank of shares, debentures, etc.
The International Bank for Reconstruction and Development shall be deemed not to be a corporation within the meaning of the Companies Act
(Chapter 39); and the provisions of the Act shall not, accordingly, apply to the Bank or to the issue by the Bank of any shares, debentures, bonds, notes or other securities.