Petroleum Authority of Brunei Darussalam Act · 2021 Revised Edition · Part · Financial Provisions
22. Application of Fund
Official textFrom Attorney General's Chambers, unchanged
The Fund for any financial year shall be applied in defraying the following charges -
the remuneration, fees and allowances of the members of the
Authority:
the salaries, fees, remuneration. superannuation allowances and gratuities of the officers, agents, employees, advisers and former employees of the Authority or its predecessors;
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;
interest on any debentures issued and on any financing raised h-w;
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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;
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:
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
any other expenditure authorised by the Authority and properly chargeable to the Fund.
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.
Authority
"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
Terms defined in s 2
Authority
Defined · s 2"Authority" means the Petroleum Authority of Brunei Darussalam established by section 3;
petroleum
Defined · s 2"petroleum" has the same meaning assigned to it in section 2 of the Petroleum Mining Act;
property
Defined · s 2"property" means property, assets, and rights of every description (whether present or future. and, actual or contingent) wheresoever situated, including, without limitation. land. buildings, facilities, equipment, documents (incl-uding accounting records), interests, benefits, privileges and powers of every description;
Part
Transfer of Company Petroleum
Part
Transfer of Government Petroleum
Part