Banking Act · 2024 Revised Edition · Part · General
128. Transitional licensing provisions
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding the provisions of Part 3, each of the banks specified in Schedule 2 shall, on or as soon as practicable after the commencement of this Act, be granted a licence under section 9 which may be made subject to such conditions, if any, as are contained in any licence under which the bank was carrying on banking business in
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;
Brunei Darussalam immediately before that commencement or which the
Authority immediately before that commencement or which the Authority may impose having regard to this Act.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Any bank which is granted a licence by virtue of this section shall comply with the provisions of section 8(2)(d) and (e)(i) and (ii), within a period of one year of the commencement of this Act or for such later date as the Authority may decide.
If any bank licensed by virtue of this section fails to comply with the provisions of section 8(2)(d) or (e)(i) or (ii), in accordance with subsection (2) of this section, the licence granted to it by virtue of this section shall become null and void except in so far as may be necessary for the purpose of winding up its banking business.
banking business
“banking business” means business which consists of or includes the receiving of deposits or other repayable funds from the public and the granting of credits for its own account and includes the following activities — (a) financial leasing; (b) money transmission services; (c) issuing and administering means of payment, such as credit cards, charge cards, travellers’ cheques and bankers’ drafts; (d) guarantees and commitments; (e) trading for own account or for account of customers in one or more of money market instruments, foreign exchange, financial futures and options, exchange and interest rate instruments and transferable securities; (f) participation in share issues and the provision of services relating to such issues; (g) advice to undertakings or capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings; (h) money broking; (i) portfolio management and advice; (j) safekeeping and administration of securities; (k) credit reference services; (l) safe custody services; (m) bank assurance; and (n) such other business as may be approved in writing by the Authority with the approval of the Minister;
The Authority may, in any particular case, extend the period provided by subsection (2) of this section and the period of validity of the licence concerned.
Banking 104
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;
banking business
Defined · s 2“banking business” means business which consists of or includes the receiving of deposits or other repayable funds from the public and the granting of credits for its own account and includes the following activities — (a) financial leasing; (b) money transmission services; (c) issuing and administering means of payment, such as credit cards, charge cards, travellers’ cheques and bankers’ drafts; (d) guarantees and commitments; (e) trading for own account or for account of customers in one or more of money market instruments, foreign exchange, financial futures and options, exchange and interest rate instruments and transferable securities; (f) participation in share issues and the provision of services relating to such issues; (g) advice to undertakings or capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings; (h) money broking; (i) portfolio management and advice; (j) safekeeping and administration of securities; (k) credit reference services; (l) safe custody services; (m) bank assurance; and (n) such other business as may be approved in writing by the Authority with the approval of the Minister;