Exchange Control Act · s 31

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

31.
(1) Except with the permission of the Controller, no person resident in Brunei shall transfer to a person resident outside the scheduled territories, or who is to be a nominee for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Controller, any payment thereof to any other person -
(a) he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order the payment is made; and
(b) the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was entitled thereto only by virtue of a transfer prohibited by this subsection.

Exchange Control
(2) Subsections (2) and (3) of section 21 shall apply in relation to any transfer prohibited by this section as they apply in relation to a transfer prohibited by this Act of a security.
(3) In this section, the expression "nominee" has, in relation to any policy, annuity or insurance the same mean-ing as the said expression has in Part IV in relation to a security.
37 32.
(1) Except with the permission of the Controller no Settlements person resident in Brunei shall settle any property, other-wise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside the scheduled territories, or shall exercise, other-wise than by will, any power of appointment, whether cre-ated by will or otherwise, in favour of a person who, at the time of the exercise of the power, is resident outside the scheduled territories.
(2) A settlement or exercise of a power of appoint-ment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any in-terest on any person who, at the time of the settlement or the exercise of the power, is resident outside the scheduled territories.
(3) Subsections (2) and (3) of section 21 shall apply in relation to a settlement or the exercise of a power of appointment prohibited by this section as they apply in rela-tion to a transfer prohibited by this Act of a security.
( 4) For the purpose of this section -
(a) any reference to settling property includes a reference to the making of any disposition, cove-nant, agreement or arrangement whereby the property becomes subject to a trust or (in the case of a re-settlement) to a different trust;

Exchange Control
(b) a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent, or falls within a limited class of persons in whose favour a discretion or power in respect of the property is exercisable; and
(c) the expression "will" includes any tes-tamentary disposition.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 31

(1)

Except with the permission of the Controller, no person resident in Brunei shall transfer to a person resident outside the scheduled territories, or who is to be a nominee for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Controller, any payment thereof to any other person -

(a)

he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order the payment is made; and

(b)

the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was entitled thereto only by virtue of a transfer prohibited by this subsection.

Exchange Control

(2)

Subsections (2) and (3) of section 21 shall apply in relation to any transfer prohibited by this section as they apply in relation to a transfer prohibited by this Act of a security.

(3)

In this section, the expression "nominee" has, in relation to any policy, annuity or insurance the same mean-ing as the said expression has in Part IV in relation to a security.

37 32.

(1)

Except with the permission of the Controller no Settlements person resident in Brunei shall settle any property, other-wise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside the scheduled territories, or shall exercise, other-wise than by will, any power of appointment, whether cre-ated by will or otherwise, in favour of a person who, at the time of the exercise of the power, is resident outside the scheduled territories.

(2)

A settlement or exercise of a power of appoint-ment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any in-terest on any person who, at the time of the settlement or the exercise of the power, is resident outside the scheduled territories.

(3)

Subsections (2) and (3) of section 21 shall apply in relation to a settlement or the exercise of a power of appointment prohibited by this section as they apply in rela-tion to a transfer prohibited by this Act of a security.

( 4) For the purpose of this section -

(a)

any reference to settling property includes a reference to the making of any disposition, cove-nant, agreement or arrangement whereby the property becomes subject to a trust or (in the case of a re-settlement) to a different trust;

Exchange Control

(b)

a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent, or falls within a limited class of persons in whose favour a discretion or power in respect of the property is exercisable; and

(c)

the expression "will" includes any tes-tamentary disposition.