In force2024 Revised EditionCurrent version · 2024 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Banking Act · 2024 Revised Edition · Part · General
Banking Act · 2024 Revised Edition · Part · General
Official textFrom Attorney General's Chambers, unchanged
Where a bank becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of that bank in Brunei Darussalam
bank
“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
Banking shall be available to meet all deposit liabilities of the bank in
Brunei Darussalam.
The deposit liabilities shall have priority over all unsecured liabilities of the bank other than the preferential payments specified in the
Insolvency Act (Chapter 247).
bank
“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;