Brunei Investment Agency Act · s 17

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17.
Powers, duties and functions of Agency
(1) The Agency may, for the purpose of carrying out the provisions of this Act, and subject to the approval of His Majesty the Sultan and Yang
Di-Pertuan, exercise and discharge the following powers, duties and functions —
(a) open and operate securities and cash clearing accounts and place deposits on such terms as it may decide;
(b) purchase, acquire by exchange or other means, hold, sell or otherwise dispose of various types of investment assets as shall be

Brunei Investment Agency specifically authorised by this Act or by His Majesty the Sultan and
Yang Di-Pertuan;
(c) borrow money, establish credits and give guarantees in any currency inside and outside Brunei Darussalam on such terms and conditions as it may deem fit;
(d) open and operate accounts with central banks outside
Brunei Darussalam;
(e) purchase, acquire or develop, inside or outside Brunei
Darussalam facilities for accounting for and reporting on the assets and liabilities of the General Reserve Fund and any other assets or liabilities vested in the Agency;
(f)
enter into contracts with third parties inside or outside
Brunei Darussalam for the purposes set forth in section 20;
(g) underwrite loans and securities in which it may invest;
(h) undertake the issue and management of loans publicly issued by the Government or by any public authority;
(i)
pay the expenses of the Agency, including specifically any payments contemplated by sections 6(1)(c), 7(2), 15(6) and 20(b) out of the assets transferred to and vested in the Agency pursuant to section 16(1); and
(j)
do generally all such things as may be commonly done by investment managers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act.
(2) After the coming into operation of this Act, there shall be vested in the Agency such other functions, duties and powers as His Majesty the
Sultan and Yang Di-Pertuan may, from time to time, by notification published in the Gazette, specify.

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s 17Powers, duties and functions of Agency

(1)

The Agency may, for the purpose of carrying out the provisions of this Act, and subject to the approval of His Majesty the Sultan and Yang

Di-Pertuan, exercise and discharge the following powers, duties and functions —

(a)

open and operate securities and cash clearing accounts and place deposits on such terms as it may decide;

(b)

purchase, acquire by exchange or other means, hold, sell or otherwise dispose of various types of investment assets as shall be

Brunei Investment Agency specifically authorised by this Act or by His Majesty the Sultan and

Yang Di-Pertuan;

(c)

borrow money, establish credits and give guarantees in any currency inside and outside Brunei Darussalam on such terms and conditions as it may deem fit;

(d)

open and operate accounts with central banks outside

Brunei Darussalam;

(e)

purchase, acquire or develop, inside or outside Brunei

Darussalam facilities for accounting for and reporting on the assets and liabilities of the General Reserve Fund and any other assets or liabilities vested in the Agency;

(f)

enter into contracts with third parties inside or outside

Brunei Darussalam for the purposes set forth in section 20;

(g)

underwrite loans and securities in which it may invest;

(h)

undertake the issue and management of loans publicly issued by the Government or by any public authority;

(i)

pay the expenses of the Agency, including specifically any payments contemplated by sections 6(1)(c), 7(2), 15(6) and 20(b) out of the assets transferred to and vested in the Agency pursuant to section 16(1); and

(j)

do generally all such things as may be commonly done by investment managers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act.

(2)

After the coming into operation of this Act, there shall be vested in the Agency such other functions, duties and powers as His Majesty the

Sultan and Yang Di-Pertuan may, from time to time, by notification published in the Gazette, specify.