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bruneilawsby aturio
In force2022 Revised Edition
Contents

Act

International Finance Corporation Act

Membership in the international finance body and its agreement

Official textFrom Attorney General's Chambers, unchanged

s 1Citation

This Act may be cited as the International Finance Corporation Act.

s 2Interpretation

In this Act, unless the context otherwise requires —

“Agreement” means the Articles of Agreement opened for signature at

Washington on 25th May 1955 (as may be subsequently amended)

providing for the establishment and operation of the international body known as the International Finance Corporation;

“Corporation” means the International Finance Corporation established under the Agreement;

“Minister” means the Minister of Finance and Economy.

s 3Acceptance of Agreement

The Minister may, with the consent of His Majesty the Sultan and Yang

Di-Pertuan, by instrument under his hand empower such person as may be named in the instrument, on behalf of the Government —

(a)

to sign the Agreement; and

(b)

to deposit with the International Bank for Reconstruction and

Development an instrument of acceptance stating that the Government has accepted without reservation in accordance with the laws of Brunei

Darussalam the Agreement and the terms and conditions of the

Resolution by the Board of Governors of the Corporation, dated 26th February 2020, providing for the admission of Brunei Darussalam to membership, and has taken all steps necessary to enable the

Government to carry out all its obligations under the Agreement and the

Resolution.

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s 4Financial provisions

There shall be charged on and paid out of the Consolidated Fund all sums required for the purpose of making payments on behalf of the

Government —

(a)

under section 3 of Article II of the Agreement (which provides for the subscription of shares of stock of the Corporation); and

(b)

under section 4 of Article V of the Agreement (which relates to the cessation of membership of the Corporation).

s 5Power to raise loans

For the purposes of providing any sum required for making any payment to the Corporation, the Minister may, with the consent of His

Majesty the Sultan and Yang Di-Pertuan, on behalf of the Government, raise loans by the creation and issue of securities bearing such rates of interests and subject to such conditions as to repayment, redemption or otherwise as he may think fit, and the principal and interest of those securities and any expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund.

s 6Receipts

All sums received by or on behalf of the Government from the

Corporation shall be paid into the Consolidated Fund.

s 7Certain provisions of Agreement to have force of law

(1)

Notwithstanding anything to the contrary in any other written law, the provisions of the Agreement set out in the Schedule shall have the force of law:

Provided that nothing in section 9 of Article VI of the Agreement shall be construed as —

(a)

entitling the Corporation to import into Brunei Darussalam goods free of any duty of customs without any restriction on their subsequent sale therein;

(b)

conferring on the Corporation any exemption from taxes or duties which form part of the price of goods sold; or

International Finance Corporation

(c)

conferring on the Corporation any exemption from taxes or duties which are no more than charges for services rendered.

(2)

The Minister may, with the consent of His Majesty the Sultan and

Yang Di-Pertuan, by notification published in the Gazette, amend the

Schedule in conformity with any amendment to the provisions of the

Agreement set out therein which may hereafter be duly made and adopted.

s 8Power to make rules

The Minister may, with the consent of His Majesty the Sultan and Yang

Di-Pertuan, make rules for carrying out or giving effect to the provisions of this Act.

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Schedules