Sustainability Fund Act · 2011 Revised Edition
7. Allocations to and from Sustainability Fund and Trust Sub-Funds
Official textFrom Attorney General's Chambers, unchanged
In advance of each forthcoming financial year, the Sustainability
Fund Board shall apply to withdraw from the Consolidated Fund a sum of money determined by the Board, after considering advice from the Fund
Allocation Committee.
In advance of each forthcoming financial year and based on its analysis of the sum of money the respective Trust Sub-Fund requires that year to accomplish its purpose under this Act, the respective Executive
Trust Sub-Fund
“Trust Sub-Fund” means a Trust Sub-Fund referred to in section 4(2). Non-derogation from Const. III.
Boards of the Fiscal Stabilisation Reserve Fund, the Retirement Fund and the
Fiscal Stabilisation Reserve Fund
“Fiscal Stabilisation Reserve Fund” means the Trust Sub-Fund referred to in section 4(2)(a);
Strategic Development Capital Fund shall determine the sum of money necessary and suitable to accomplish that purpose and shall communicate that sum and the underlying rationale for the same to the Fund Allocation
Strategic Development Capital Fund
“Strategic Development Capital Fund” means the Trust Sub-Fund referred to in section 4(2)(c);
Committee. That Committee shall then confer internally and with the
Sustainability Fund Board regarding the sum, if any, that the Sustainability
Sustainability Fund
“Sustainability Fund” means the Sustainability Fund referred to in section 4(1);
Fund shall allocate to each Trust Sub-Fund with respect to that financial year.
After considering the annual requests of each Trust Sub-Fund
Board, the analysis and advice of the Fund Allocation Committee and the sum that the Sustainability Fund expects to obtain from the Consolidated
Fund with respect to that financial year, the Sustainability Fund Board shall annually determine the amount of money, if any, it shall allocate to each of the Trust Sub-Funds and shall then allocate it. Whatever amount, if any, the
Sustainability Fund Board allocates to a Trust Sub-Fund shall be accounted for in the Consolidated Trust Account and shall be transferred to that Trust
Sub-Fund.
After determining the amount of the Oil Revenue Shortfall for each applicable quarter, the Minister shall, with the approval of His Majesty the Sultan and Yang Di-Pertuan, certify a sum which may be less than or equal to (but not more than) that amount and cause that sum to be transferred
Oil Revenue Shortfall
“Oil Revenue Shortfall” means the difference between the Oil Based Revenue Projection and (if lower) the actual Oil Based Revenues received by the Government as determined by the Minister;
Sustainability Fund from the Fiscal Stabilisation Reserve Fund to the Consolidated Fund for the purpose of meeting some or all of the Oil Revenue Shortfall.
The assets of the Retirement Fund shall be used and applied solely for the purposes set out in section 5(4).
Retirement Fund
“Retirement Fund” means the Trust Sub-Fund referred to in section 4(2)(b);
The Minister may authorise the transfer to the Consolidated Fund of assets of the Strategic Development Capital Fund resulting from dividends, distributions, sale of equity, other return on capital or return of capital to the Strategic Development Capital Fund from investments that it had previously made.
Investments, standards of care and internal governance of Trust Sub-Funds.
Terms defined in s 2
Fiscal Stabilisation Reserve Fund
Defined · s 2“Fiscal Stabilisation Reserve Fund” means the Trust Sub-Fund referred to in section 4(2)(a);
Oil Revenue Shortfall
Defined · s 2“Oil Revenue Shortfall” means the difference between the Oil Based Revenue Projection and (if lower) the actual Oil Based Revenues received by the Government as determined by the Minister;
Retirement Fund
Defined · s 2“Retirement Fund” means the Trust Sub-Fund referred to in section 4(2)(b);
Strategic Development Capital Fund
Defined · s 2“Strategic Development Capital Fund” means the Trust Sub-Fund referred to in section 4(2)(c);
Sustainability Fund
Defined · s 2“Sustainability Fund” means the Sustainability Fund referred to in section 4(1);
Trust Sub-Fund
Defined · s 2“Trust Sub-Fund” means a Trust Sub-Fund referred to in section 4(2). Non-derogation from Const. III.