Petroleum 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 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 financing raised h-w;
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(e) sums required to be paid to the Government towards repayment of any financing made by the Government to the Authority;
B.L.R.O. 4;2021

Petroleum Authority 32
of Brunei Darussalum fl sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of a 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 0:
(h) 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
(i) any other expenditure authorised by the Authority and properly chargeable to the Fund.
(2) The balance of the Fund, with respect to 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 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 financing raised h-w;

- ----

(e)

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

B.L.R.O. 4;2021

Petroleum Authority 32

of Brunei Darussalum fl sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of a 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 0:

(h)

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

(i)

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

(2)

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

Authority may think fit.