Banking Act · 2024 Revised Edition · Part · Licensing of Banks
22. Directions on revocation or surrender of licence or variation of conditions
Official textFrom Attorney General's Chambers, unchanged
Where a licence has been revoked under section 21 —
notice of the revocation shall be published in the Gazette;
and
the institution concerned shall, as from the date of the revocation, cease to transact any banking business in
Brunei Darussalam except as may be approved by the Authority for the purpose of winding up its banking business.
Without prejudice to subsection (1), where the Authority has revoked a licence or varied the conditions of a licence or a licence has been
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
Banking surrendered, the Authority may by notice in writing give the institution concerned such directions in writing as the Authority thinks fit and any such direction may be revoked or varied in the same manner as it was given.
Subsections (1)(b) and (2) shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.
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;
An institution which contravenes a direction under this section or the variation of such a direction 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 $5,000 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;
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;
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