Brunei National Petroleum Company Sendirian Berhad Order, 2002 · As enacted · Part · Incorporation and Organisation of Company
11. Capital of Company
Official textFrom Attorney General's Chambers, unchanged
The paid up share capital of the Company shall be funded from the
Consolidated Fund.
The Prime Minister Corporation shall hold every share representing the capital of the Company.
The shares of the Company shall not be transferable.
Financial provisions.
1 12.
Subject to subsections (4) and (5), the income of the Company shall consist of commercial income and regulatory income.
commercial income
"commercial income" means the income of the Company referred to in subsection (2) of section 12;
The commercial income shall consist of all receipts, returns and revenues that the Company receives as a result of activities conducted as provided in subsection (3) of section 7.
The regulatory income shall consist of all fees, returns and payments that the Company receives in the exercise of functions as provided in subsection (2) of section 7.
regulatory income
"regulatory income" means the income of the Company referred to in subsection (3) of section 12;
The Company shall be entitled to retain -
all of the commercial income, subject only to paragraph (b) of subsection (5);
a share of up to 5 per cent (as may be decided by the Board) of the part of regulatory income representing the profit share of produced petroleum
(or its value) to which the Company becomes entitled as State Party under a petroleum mining Agreement, notwithstanding any provision of this Order or of any other written law;
the part of the regulatory income representing the totality of research and development or other similar contributions to which the
Company becomes entitled as State Party under a petroleum mining
Agreement.
The following income of the Company shall be the property of Brunei
Darussalam and shall be transferred to the Consolidated Fund -
1
all of the regulatory income subject to paragraphs (b) and (c) of subsection (4) and notwithstanding any other provision of this Order or of any other written law;
a share equal to 95 per cent of the part of commercial income representing the dividends and other revenues directly resulting from the
Company's participation in the bodies corporate referred to in the Second
Schedule, notwithstanding any provision of this Order or of any other written law.
Notwithstanding any provision of this Order, all amounts of taxes, royalties and other fiscal levies payable under the terms of a petroleum mining
Agreement or otherwise shall be paid into the Consolidated Fund.
Subject to subsection (81, His Majesty the Sultan and Yang Di-Pertuan in
Council shall have the right to decline a dividend as proposed by the Board and to
Board
"Board" means the Board of the Company set up under subsection (2) of section 9;
BRUNEI DARUSSALAM GOVERNMENT GAZETTE direct the Company in writing to pay such amount of dividend as he considers appropriate in the public interest. Subject only to subsection (1) of section 13 and notwithstanding any other provision of this Order or of any other written law, any direction so issued shall be binding on the Company, its directors, officers and other employees.
When issuing any direction to the Company, as provided in subsection
of this section or subsection (1) of section 13, His Majesty the Sultan and Yang
Di-Pertuan in Council shall abide by the requirements of the Company's annual budgets, as approved by the Board, and by the Company's binding commitments to third parties.
Terms defined in s 2
Board
Defined · s 2"Board" means the Board of the Company set up under subsection (2) of section 9;
commercial income
Defined · s 2"commercial income" means the income of the Company referred to in subsection (2) of section 12;
petroleum mining Agreement
Defined · s 2"petroleum mining Agreement" has the same meaning as in the Petroleum Mining Act;
regulatory income
Defined · s 2"regulatory income" means the income of the Company referred to in subsection (3) of section 12;