Telecommunication Successor Company Order, 2001 · As enacted
10. Financial structure of telecommunication successor company
Official textFrom Attorney General's Chambers, unchanged
If the Minister so directs at any time before the telecommunication successor company ceases to be wholly owned by the Government, such sum (not exceeding the accumulated realised profits of the Government in connection with its telecommunication undertaking) as may be specified in the direction shall be carried by the telecommunication successor company to a reserve (referred to in this section as the statutory reserve).
The statutory reserve may only be applied by the telecommunication successor company in paying up unissued shares of the company to be allotted to members of the company as fully-paid bonus shares.
telecommunication successor company
"telecommunication successor company" means the company nominated by the Minister pursuant to paragraph (a) of subsection (1} of section 3;
For the purposes of any statutory accounts of the telecommunication successor company -
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{aJ the vesting effected by virtue of section 3 shall be taken to have been a vesting of all the property, rights and liabilities comprised in the Government's telecommunication undertaking (other than the designated telecommunication property) to which the Government was entitled or subject on the succession date; and
property
"property" means any legal or equitable estate or interest (whether present or future or whether vested or contingent} in any property whether movable or immovable;
{bJ the value of any asset and the amount of any liability of the
Government taken to have been vested in the telecommunication successor company by virtue of paragraph fa} shall be taken to be the value or, as the case may be, the amount assigned to that asset or liability in the statement of accounts of the Government as at the succession date.
succession date
"succession date" means the date appointed by the Minister by order published in the Gazette for the purposes of section 3;
For the purposes of any statutory accounts of the telecommunication successor company, the amount to be included in respect of any item shall be determined as if anything done by the Government (whether by way of acquiring, revaluing or disposing of any asset or incurring, revaluing or discharging any liability, or by carrying any amount to any provision or reserve, or otherwise) had been done by the company.
(5}
References in this section to the statutory accounts of the telecom-munication successor company are references to any accounts prepared by the company for the purposes of any provision of the Companies Act (Chapter 39).
Regulations.
Terms defined in s 2
designated telecommunication property
Defined · s 2"designated telecommunication property" means property of any description, whether movable or immovable, which the Minister may designate as necessary to be retained by the Authority (or the Authority's nominee) for the exercise of its duties and functions relating to telecommunications under the Authority for Info-communications Technology Industry of Brunei Darussalam Order, 2001 and under the Telecommunications Order, 2001;
liabilities
Defined · s 2"liabilities" means all liabilities, duties and obligations, whether actual, contingent or prospective, and wherever arising;
property
Defined · s 2"property" means any legal or equitable estate or interest (whether present or future or whether vested or contingent} in any property whether movable or immovable;
rights
Defined · s 2"rights" means all rights, powers, privileges and immunities, whether actual, contingent or prospective, whether statutory or otherwise, and wherever arising;
succession date
Defined · s 2"succession date" means the date appointed by the Minister by order published in the Gazette for the purposes of section 3;
telecommunication successor company
Defined · s 2"telecommunication successor company" means the company nominated by the Minister pursuant to paragraph (a) of subsection (1} of section 3;
telecommunication undertaking
Defined · s 2"telecommunication undertaking" means all property, whether moveable or immovable, vested in the Government which is necessary for the provision, maintenance, management and operation of telecommunication services in Brunei Darussalam, and all assets, powers, rights, interests, privileges, debts, liabilities and obligations connected therewith;