Banking Act · 2024 Revised Edition · Part · General
105. Disqualification of directors and employees of banks
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding the provisions of any other written law, except with the consent in writing of the Authority, no person —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
who is or becomes bankrupt, suspends payments or compounds with his creditors;
who is or has been convicted in any country of an offence involving dishonesty or fraud and has not received a free pardon for the offence for which he was convicted; or
Banking 96
who has been a director of, or directly concerned in the management of, a bank which is being or has been wound up by a court or the licence of which has been revoked, shall act or continue to act as the director, manager, secretary or other officer of any bank.
Without the approval of the Authority, no person may be nominated as a director of any bank incorporated in Brunei Darussalam.
director
“director” includes any person occupying the position of director of a company, whatever the title of his office, and includes a person in accordance with whose directions or instructions the directors of a company are accustomed to act and an alternate or substitute director;
Without the approval of the Authority, no person may be nominated as a manager or person discharging similar functions.
The Authority may at any time, by notice in writing, remove any director or manager of, or any person discharging similar functions in, any bank incorporated 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;
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
bank
Defined · s 2“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;
director
Defined · s 2“director” includes any person occupying the position of director of a company, whatever the title of his office, and includes a person in accordance with whose directions or instructions the directors of a company are accustomed to act and an alternate or substitute director;
officer
Defined · s 2“officer”, in relation to a company, includes — (a) a director, the secretary or an employee of the company; (b) a receiver or manager of any part of the undertaking of the company appointed under a power contained in any instrument; and (c) the liquidator of the company appointed in a voluntary winding up;