Deposit Protection Act · 2023 Revised Edition · Part · Finance
20. Source of funds
Official textFrom Attorney General's Chambers, unchanged
For the purposes of this Act, the Corporation shall maintain and administer a fund which shall comprise —
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
all premiums received by the Corporation under this Act;
and
all other monies and assets which may in any manner become lawfully payable to, and received by or vested in the
Corporation relating to any matter incidental to its powers, duties and functions,
The Corporation is empowered —
to credit all direct operating income to, or charge all expenses, costs and losses against the fund; or
where such income, expenses, costs or losses cannot be specifically attributed to the fund, such credit or charge shall be proportional to the amount of premiums collected in the assessment year prior to the year in which such credit or charge is made.
In relation to the first assessment year of the Corporation, such credit or charge under subsection (2)(b) shall be determined by the
assessment year
“assessment year”, in relation to the calculation and payment of premiums under this Act, means the period beginning on the first day of January and ending on the 31st day of December of each year or such other period as may be approved by the Minister;
Corporation.
Terms defined in s 2
assessment year
Defined · s 2“assessment year”, in relation to the calculation and payment of premiums under this Act, means the period beginning on the first day of January and ending on the 31st day of December of each year or such other period as may be approved by the Minister;
Corporation
Defined · s 2“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;