Banking Act · s 39

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39.
Restrictions on acquisition of immovable property
(1) Subject to subsection (2), a bank shall not acquire any immovable property wherever situated or interest therein such that the aggregate value of such property and interests held by the bank exceeds 20 per cent of the capital funds of the bank or such other percentage as the Authority may allow.
(2) For the purposes of determining the aggregate value of the interest in or rights over immovable property referred to in subsection (1), there shall be excluded such portion of the value as may be attributable to the following —

Banking
(a) any interest in or right over immovable property or any part thereof used for the purpose of conducting the business of the bank in
Brunei Darussalam or housing or providing amenities for its officers;
(b) any interest in or right over immovable property held by way of security for the purposes of a transaction entered into in the ordinary course of the business of the bank in Brunei Darussalam;
(c) any interest in or right over immovable property held by way of enforcement of such security referred to in paragraph (b)
provided that it is disposed of as soon as practicable; and
(d) such other interest in or rights over immovable property as the Authority may allow.
(3) The Authority may provide for the manner of valuation of immovable property for the purposes of this section.
(4) Any bank which contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day during which the offence continues after conviction.

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s 39Restrictions on acquisition of immovable property

(1)

Subject to subsection (2), a bank shall not acquire any immovable property wherever situated or interest therein such that the aggregate value of such property and interests held by the bank exceeds 20 per cent of the capital funds of the bank or such other percentage as the Authority may allow.

(2)

For the purposes of determining the aggregate value of the interest in or rights over immovable property referred to in subsection (1), there shall be excluded such portion of the value as may be attributable to the following —

Banking

(a)

any interest in or right over immovable property or any part thereof used for the purpose of conducting the business of the bank in

Brunei Darussalam or housing or providing amenities for its officers;

(b)

any interest in or right over immovable property held by way of security for the purposes of a transaction entered into in the ordinary course of the business of the bank in Brunei Darussalam;

(c)

any interest in or right over immovable property held by way of enforcement of such security referred to in paragraph (b)

provided that it is disposed of as soon as practicable; and

(d)

such other interest in or rights over immovable property as the Authority may allow.

(3)

The Authority may provide for the manner of valuation of immovable property for the purposes of this section.

(4)

Any bank which contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day during which the offence continues after conviction.