Banking Act · s 12

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s 12Branches of banks

(1)

No bank shall open a new place of business or change the location of an existing place of business in Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —

(a)

approve the application; or

(b)

refuse the application, without assigning any reason therefor.

(2)

No bank incorporated in Brunei Darussalam shall open a new branch, agency or office in any place outside Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —

(a)

approve the application; or

(b)

refuse the application, without assigning any reason therefor.

(3)

Any bank which contravenes subsection (1) or (2) is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.