Maritime and Port Authority of Brunei Darussalam Act · s 22

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22.
Application of Fund
(1) The Fund for any financial year shall be applied in defraying the following charges -
(a) the remuneration, fees and allowances of the members of the
Authority;
(b) the salaries, fees, remuneration, superannuation allowances and gratuities of the officers, agents, employees, advisers and former a employees of the Authority or its predecessors;
(c) working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to the Fund;
(d) interest on any debentures issued and on any loan raised by the Authority;

Maritime and Port
Authority of Brunei Darussalanz
CAP. 222 27
(e) sums required to be paid to the Government towards repayment of any loan made by the Government to the Authority;
(fl sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of debentures or the repayment of other borrowed money;
(g) such sums as may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amounts set aside out of the Fund under paragraphs (c) and fl;
(h) the cost, or any portion thereof, of any new works, plants, vessels, vehicles, machinery, equipment or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge the Fund;
(i) such sums by way of contribution, for the purposes associated with the objects of this Act as the Authority may determine, to the public or for charities; and
(j) any other expenditure authorised by the Authority and properly chargeable to the Fund.
(2) The balance of the Fund, with respect each financial year, shall be applied to the creation of a general reserve and such other reserves as the
Authority may think fit.

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s 22Application of Fund

(1)

The Fund for any financial year shall be applied in defraying the following charges -

(a)

the remuneration, fees and allowances of the members of the

Authority;

(b)

the salaries, fees, remuneration, superannuation allowances and gratuities of the officers, agents, employees, advisers and former a employees of the Authority or its predecessors;

(c)

working and establishment expenses and expenditure on, or provision for, the maintenance of any of the property of the Authority, and the discharge of the functions of the Authority properly chargeable to the Fund;

(d)

interest on any debentures issued and on any loan raised by the Authority;

Maritime and Port

Authority of Brunei Darussalanz

CAP. 222 27

(e)

sums required to be paid to the Government towards repayment of any loan made by the Government to the Authority;

(fl sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of debentures or the repayment of other borrowed money;

(g)

such sums as may be deemed appropriate to set aside in respect of depreciation or renewal of the property of the Authority, having regard to the amounts set aside out of the Fund under paragraphs (c) and fl;

(h)

the cost, or any portion thereof, of any new works, plants, vessels, vehicles, machinery, equipment or appliances not being a renewal of the property of the Authority, which the Authority may determine to charge the Fund;

(i)

such sums by way of contribution, for the purposes associated with the objects of this Act as the Authority may determine, to the public or for charities; and

(j)

any other expenditure authorised by the Authority and properly chargeable to the Fund.

(2)

The balance of the Fund, with respect each financial year, shall be applied to the creation of a general reserve and such other reserves as the

Authority may think fit.