Banking Act · 2024 Revised Edition · Part · Licensing of Banks
19. Notification of controller etc. by bank
Official textFrom Attorney General's Chambers, unchanged
At least once in each year, every bank shall give to the Authority written notice of the name of every person who, to the knowledge of the bank, is, at the date of the notice, a controller of the bank.
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 relation to each person named in a notice under subsection (1)
as a controller of a bank, the bank shall state to the best of its knowledge —
whether he is an indirect, 10 per cent, 20 per cent,
33 per cent or majority controller;
what percentage of shares of the bank he holds, either alone or with any associate; and
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what percentage of the voting power at a general meeting of the bank he is entitled to exercise, or control the exercise of, either alone or with any associate.
The Authority may at any time by notice in writing require a bank —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
to give such a notice as is referred to in subsection (1); or
to obtain from any shareholder of the bank and to transmit to the Authority information —
as to whether that shareholder holds voting shares in the bank as beneficial owner or as trustee; and
if he holds them as trustee, to indicate as far as it can the person for whom he holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interest.
A bank which fails to comply with subsection (1) or (3) is guilty of an offence and liable on conviction to a fine not exceeding $20,000.
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;
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