Section 26

(1)

Subject to the provisions of this section, the Perbadanan TAIB may declare a rate of bonus, dividend or profit for any financial year of the

Perbadanan TAIB or the Hajj Fund; and if a declaration is made, the amount standing to the credit of each depositor and Hajj Fund subscriber at the end of that year shall be increased accordingly.

(2)

No bonus, dividend or profit shall be declared unless the

Perbadanan TAIB has established a Reserve Fund, and no bonus, dividend or profit shall be declared in any year unless at the end of that year —

(a)

the assets of the Perbadanan TAIB were not less than the aggregate liabilities of the Perbadanan TAIB;

(b)

there is a surplus net income or profit of the Hajj Fund; or

Perbadanan Tabung Amanah Islam Brunei

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(c)

the assets of the Reserve Fund were not less than such percentage of the amounts actually standing to the credit of depositors and Hajj Fund subscribers as at the end of that year including the bonus, dividend or profit as the Perbadanan TAIB may approve.

(3)

Any payment required to be made by the Perbadanan TAIB or those payment to be made out of the Hajj Fund shall, in so far as the monies in the Perbadanan TAIB or in the Hajj Fund are insufficient for that purpose, be made out of the Reserve Fund.

(4)

Subsections (1) to (3) apply to the assets of the Reserve Fund as they apply to the assets of the Perbadanan TAIB or the Hajj Fund, and all net income or profit from investment of the assets of the Reserve Fund, deposits from customers and deposits from the subscribers of the Hajj Fund shall be paid into the Perbadanan TAIB, depositors account and the account of the subscribers of the Hajj Fund repectively.

(5)

The Perbadanan TAIB may transfer assets from the

Reserve Fund to the Perbadanan TAIB or the Hajj Fund or from the

Perbadanan TAIB or the Hajj Fund to the Reserve Fund.

Withdrawals [S 18/2022]

Report

Read on from s 27

Part

General

Read on from Part

Section 26

Terms defined in s 2

General