Banking Act · s 42

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

42.
Relief for overseas banks from compliance with certain limitations
(1) On an application in writing made to the Authority by a bank whose head office is situated outside Brunei Darussalam, the Authority may relieve the bank from compliance with any of the restrictions or limitations

Banking imposed by any of sections 35, 37 and 38 in relation to any transaction falling within those sections and specified in the application.
(2) The Authority shall not grant relief under subsection (1) unless it is satisfied that such grant is in the public interest or the interests of the creditors or depositors of the bank; and any relief from compliance may be made subject to such conditions as the Authority thinks fit.
(3) An order under subsection (1) shall be effective for a period ending on such date as the Authority may specify; but no such relief may be granted to have effect for a period longer than 2 years from the date of the commencement of this Act.
(4) The Authority may grant relief under subsection (1) in respect of transactions entered into by a bank before or within 3 months after the date of commencement of this Act.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 42Relief for overseas banks from compliance with certain limitations

(1)

On an application in writing made to the Authority by a bank whose head office is situated outside Brunei Darussalam, the Authority may relieve the bank from compliance with any of the restrictions or limitations

Banking imposed by any of sections 35, 37 and 38 in relation to any transaction falling within those sections and specified in the application.

(2)

The Authority shall not grant relief under subsection (1) unless it is satisfied that such grant is in the public interest or the interests of the creditors or depositors of the bank; and any relief from compliance may be made subject to such conditions as the Authority thinks fit.

(3)

An order under subsection (1) shall be effective for a period ending on such date as the Authority may specify; but no such relief may be granted to have effect for a period longer than 2 years from the date of the commencement of this Act.

(4)

The Authority may grant relief under subsection (1) in respect of transactions entered into by a bank before or within 3 months after the date of commencement of this Act.