Banking Act · 2024 Revised Edition · Part · General
118. Mergers
Official textFrom Attorney General's Chambers, unchanged
A bank incorporated in Brunei Darussalam shall not be merged or consolidated with, or be taken over by, any other company or body unincorporate without the prior written approval of the Authority.
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;
In considering such an application, the Authority shall have power to call for such information as it may require.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Without prejudice to the generality of subsection (1), for the purposes of this section a bank is deemed to be merged with a body corporate or unincorporate if the bank or its shareholders enter into any agreement or arrangement under which all or substantially all of the business of the bank is to be managed, and under which the shareholders of the bank will be accorded rights, as if the bank has been merged with such company or body unincorporate, as the case may be.
agreement
“agreement” means an agreement whether formal or informal and whether express or implied;
Terms defined in s 2
agreement
Defined · s 2“agreement” means an agreement whether formal or informal and whether express or implied;
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;
company
Defined · s 2“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;