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bruneilawsby aturio
In force2024 Revised Edition
Contents

Part · Powers, Duties and Functions of Perbadanan Taib

Section 19

(1)

The Perbadanan TAIB may, for the purpose of carrying out the provisions of this Act, exercise and discharge the following powers, duties and functions —

(a)

open and operate securities and cash clearing accounts and place deposits on such terms as it may decide;

(b)

purchase, acquire by exchange or other means, hold, sell or otherwise dispose of various types of investment assets as shall be specifically authorised by this Act or by the Minister responsible for finance on the recommendations of the Board;

(c)

accept money on deposits from customers, lend or borrow money, establish credits and give guarantees in any currency inside and outside Brunei Darussalam on such terms and conditions as it may deem fit;

(d)

open and operate accounts with central banks outside

Brunei Darussalam;

(e)

purchase, acquire or develop inside or outside

Brunei Darussalam facilities for accounting for and reporting on the assets and liabilities of the Perbadanan TAIB and any other assets or liabilities vested in the Perbadanan TAIB;

Perbadanan Tabung Amanah Islam Brunei

CAP. 163 19

(f)

enter into contracts with third parties inside or outside

Brunei Darussalam for the purposes set forth in section 21;

(g)

underwrite loans and securities in which it may invest;

(h)

undertake the issue and management of loans publicly issued by the Government or by any public authority;

(i)

pay the expenses of the Perbadanan TAIB, including specifically any payment contemplated by sections 5(7), 8, 13(3),

14(6) and 21(b) out of the assets of the Perbadanan TAIB; and

(j)

do generally all such things as may be commonly done by investment managers and are not inconsistent with the exercise of its powers or the discharge of its duties under this Act.

(2)

After the coming into operation of this Act, there shall be vested in the Perbadanan TAIB such other functions, duties and powers as

His Majesty the Sultan and Yang Di-Pertuan may, from time to time by notification published in the Gazette, specify.

(3)

The

Perbadanan

TAIB shall be exempted from the requirements for licensing under the Banking Order, 2006 (S 45/2006),

Moneylenders

Act

(Chapter 62)

and the

Finance

Companies

Act (Chapter 89).

Report

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Part 5

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Part

General

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