Skip to content
bruneilawsby aturio
In force2023 Revised Edition
Contents

8. Vesting of property, rights and liabilities of specified companies in holding company

(1)

On such day as the Minister may by order appoint, all property, rights and liabilities to which the Corporation was entitled to or subject by virtue of section 7(1) in respect of the companies specified in the order shall become, by virtue of this section, the property, rights and liabilities of a company nominated for the purposes of this section by the Minister, and references in this Act to the appointed day or to the holding company are references to the day so appointed or the company so nominated respectively.

(2)

The Minister shall have power to do all acts or things as he considers necessary or expedient for giving effect to and carrying out the provisions of subsection (1).

(3)

If any question arises as to whether any particular property, right or liability has been transferred to and vested in the holding company under subsection (1), a certificate under the hand of the Minister shall be conclusive evidence that the property, right or liability was or was not so transferred or vested.

(4)

Any proceeding by or against the Corporation in respect of the specified companies which are pending immediately before the appointed day may be continued, completed and enforced by or against the holding company.

(5)

Any agreement made, transaction effected or other thing done by, to or in relation to the Corporation in respect of the specified companies which is in force or effective immediately before the appointed day shall have effect as from the appointed day as if made, effected or done by, to or in relation to the holding company, in all respects as if the holding company were the same person, in law, as the Corporation.

Minister For Finance

(Incorporation)

(6)

For the purposes of subsection (5), references to the

Corporation —

(a)

in any agreement (whether or not in writing) and in any deed, bond or instrument;

(b)

in any process or other document issued, prepared or employed for the purpose of any proceeding before any court or other tribunal or authority; and

(c)

in any other document whatever relating to or affecting any property, right or liability of the Corporation which vests by virtue of subsection (1) in the holding company, shall be taken, regardless of any implied or express provision to the contrary, from the appointed day, as referring to the holding company.

(7)

It is hereby declared for avoidance of doubt that —

(a)

any reference in this Act to property vested in the Corporation in respect of the specified companies is a reference to such property of the Corporation whether situated in Brunei Darussalam or elsewhere whether or not capable of being transferred or assigned to the holding company; and

(b)

any reference to the rights and liabilities of the Corporation in respect of the specified companies is a reference to such rights to which the Corporation in respect of the specified companies is entitled or, as the case may be, such liabilities to which the Corporation in respect of the specified companies is subject, whether under the laws of

Brunei

Darussalam or any country or territory outside

Brunei Darussalam and whether or not capable of being transferred or assigned to the holding company and includes rights and liabilities arising under loans raised by the Corporation in respect of the specified companies.

Report

Read on from s 9