Section 18

(1)

Upon the coming into operation of this Act, such movable property, assets, rights, interests and privileges as constitute any part of the assets of the Perbadanan TAIB together with any debt, liability or obligation connected therewith or appertaining thereto is deemed to have been transferred to and vested in the Perbadanan TAIB without the requirement of any further action.

(2)

The Minister responsible for finance shall have power to do all acts or things that he considers necessary or expedient to give effect to the provisions of subsection (1).

(3)

If the question arises as to whether —

(a)

any of the functions, duties and powers; or

(b)

any movable property, asset, rights, interest, privilege, debt, liability and obligation,

Perbadanan Tabung Amanah Islam Brunei

CAP. 163 18

have been transferred to or vested in the Perbadanan TAIB under subsection (1), a certificate executed by the Minister responsible for finance shall be conclusive evidence of such transfer or vesting.

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