Banking Act · s 28

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28.
Publication and exhibition of audited accounts and statements
(1) Within 3 months after the close of each financial year or within such longer period as the Authority may approve, every bank shall publish in at least one daily newspaper circulating in Brunei Darussalam, and exhibit thereafter throughout the year in a conspicuous position in each of its offices and branches in Brunei Darussalam —
(a) a copy of its latest audited annual balance sheet, and a copy of the profit and loss account, together with any notes thereon, and a copy of the report of the auditors;
(b) the full and correct names of all persons who are directors for the time being of the bank;

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(c) the names of all subsidiary companies for the time being of the bank; and
(d) in the case of a bank incorporated outside
Brunei Darussalam, the accounts of its head office and of its local operations.
(2) A copy of each of the documents referred to in subsection (1)
shall be sent to the Authority by the bank, prior to the first publication thereof under that subsection, together with a copy of the director’s report.
(3) Together with the balance sheet and other documents required to be sent to the Authority under subsection (2), every bank shall send to the
Authority —
(a) a duly audited balance sheet showing its assets used in, and liabilities arising out of its operation in, Brunei Darussalam as at the date to which its balance sheet was made up;
(b) a duly audited income and expense statement; and
(c) a profit and loss account which gives an audited true and fair view of the profit and loss arising out of the bank’s operation in
Brunei Darussalam for the last preceding financial year of the bank:
Provided that a bank shall be entitled to make such apportionments of expenses incurred in connection with operations or administration affecting both Brunei Darussalam and elsewhere and to add such notes and explanations as in its opinion are necessary or desirable in order to give a true and fair view of the profit and loss of its operations in
Brunei Darussalam.
(4) In the case of a bank incorporated or established in
Brunei Darussalam, the annual balance sheet and profit and loss account of the bank referred to in subsection (1) and the balance sheet, income and expense statement and profit and loss account referred to in subsection (3)
shall be in such form as the Authority may approve.
(5) In the case of a bank incorporated outside Brunei Darussalam, the documents referred to in subsection (1)(a) and (d) may be in a form which complies with the law for the time being applicable in the place of incorporation or origin but the documents referred to in subsection (3) shall be in such form as the Authority may approve.

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(6) The Authority may require any bank to submit such further or additional information as it may consider necessary either by way of explanation, amplification or otherwise with regard to any documents sent by the bank under subsection (2) or (3) and that information shall be submitted within such period and in such manner as the Authority may require.
(7) A bank which fails to comply with any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $30,000 and, in the case of a continuing offence, to a further fine not exceeding $3,000 for every day during which the offence continues after conviction.

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s 28Publication and exhibition of audited accounts and statements

(1)

Within 3 months after the close of each financial year or within such longer period as the Authority may approve, every bank shall publish in at least one daily newspaper circulating in Brunei Darussalam, and exhibit thereafter throughout the year in a conspicuous position in each of its offices and branches in Brunei Darussalam —

(a)

a copy of its latest audited annual balance sheet, and a copy of the profit and loss account, together with any notes thereon, and a copy of the report of the auditors;

(b)

the full and correct names of all persons who are directors for the time being of the bank;

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(c)

the names of all subsidiary companies for the time being of the bank; and

(d)

in the case of a bank incorporated outside

Brunei Darussalam, the accounts of its head office and of its local operations.

(2)

A copy of each of the documents referred to in subsection (1)

shall be sent to the Authority by the bank, prior to the first publication thereof under that subsection, together with a copy of the director’s report.

(3)

Together with the balance sheet and other documents required to be sent to the Authority under subsection (2), every bank shall send to the

Authority —

(a)

a duly audited balance sheet showing its assets used in, and liabilities arising out of its operation in, Brunei Darussalam as at the date to which its balance sheet was made up;

(b)

a duly audited income and expense statement; and

(c)

a profit and loss account which gives an audited true and fair view of the profit and loss arising out of the bank’s operation in

Brunei Darussalam for the last preceding financial year of the bank:

Provided that a bank shall be entitled to make such apportionments of expenses incurred in connection with operations or administration affecting both Brunei Darussalam and elsewhere and to add such notes and explanations as in its opinion are necessary or desirable in order to give a true and fair view of the profit and loss of its operations in

Brunei Darussalam.

(4)

In the case of a bank incorporated or established in

Brunei Darussalam, the annual balance sheet and profit and loss account of the bank referred to in subsection (1) and the balance sheet, income and expense statement and profit and loss account referred to in subsection (3)

shall be in such form as the Authority may approve.

(5)

In the case of a bank incorporated outside Brunei Darussalam, the documents referred to in subsection (1)(a) and (d) may be in a form which complies with the law for the time being applicable in the place of incorporation or origin but the documents referred to in subsection (3) shall be in such form as the Authority may approve.

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(6)

The Authority may require any bank to submit such further or additional information as it may consider necessary either by way of explanation, amplification or otherwise with regard to any documents sent by the bank under subsection (2) or (3) and that information shall be submitted within such period and in such manner as the Authority may require.

(7)

A bank which fails to comply with any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $30,000 and, in the case of a continuing offence, to a further fine not exceeding $3,000 for every day during which the offence continues after conviction.