Banking Act · s 103

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s 103Redemption of securities held by bank under liquidation

(1)

As soon as practicable after the making of an order for the winding up of a bank, the liquidator of the bank —

Banking

(a)

shall publish in the Gazette and a daily newspaper circulating in Brunei Darussalam requiring every debtor of the bank to redeem any property he has deposited with the bank as security for any loan that he has obtained from the bank; and

(b)

shall send a copy of that notice by registered post to every debtor whose security is held by the bank and whose name is mentioned in the statement of affairs made out under the provisions of the Insolvency Act (Chapter 247).

(2)

The notice shall specify the latest date up to which any securities may be redeemed, which date shall not be less than 3 months from the date of the notice.

(3)

Nothing in this section shall affect any powers exercisable by the

Authority by virtue of section 59 or 62.