Banking Act · 2024 Revised Edition · Part · Reserve Funds, Dividends, Balance Sheets and Information
26. Payment of dividends
Official textFrom Attorney General's Chambers, unchanged
No locally incorporated bank shall pay any dividend on its shares until all its capitalised expenditure (including preliminary expenses, organisation expenses, share selling commission, brokerage, amount of losses and any item of expenditure not represented by tangible assets) has been completely written-off.
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;
Before a bank declares any dividend, it shall apply in writing for the approval of the Authority in respect of the amount proposed to be declared, the Authority may approve the same or a reduced amount, or prohibit payment of any dividend, having regard to the financial condition of the bank.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
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;
share
Defined · s 2“share”, in relation to an institution, means a share in the share capital of that institution and includes an interest in such share;
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