Banking Act · 2024 Revised Edition · Part · Licensing of Banks
12. Branches of banks
Official textFrom Attorney General's Chambers, unchanged
No bank shall open a new place of business or change the location of an existing place of business in Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —
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;
approve the application; or
refuse the application, without assigning any reason therefor.
No bank incorporated in Brunei Darussalam shall open a new branch, agency or office in any place outside Brunei Darussalam without submitting a written application in respect thereof to the Authority, which may —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
approve the application; or
refuse the application, without assigning any reason therefor.
Any bank which contravenes subsection (1) or (2) is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
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;
place of business
Defined · s 2“place of business”, in relation to a bank, includes a head or main office, a branch, an agency, a mobile branch of the bank, any office established and maintained for a limited period only and any other place used by the bank for the dispensing or acceptance of money on account or for the conduct of other banking business;
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Prohibited Business
Part
Minimum Assets Requirements
Part 7
Part
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part