Banking Act · 2024 Revised Edition · Part 7
65. Moratorium
Official textFrom Attorney General's Chambers, unchanged
If the Authority considers it to be in the public interest, the Authority may issue a direction prohibiting the bank from carrying on banking business or from doing or performing any act or function connected with banking business or any aspect thereof that may be specified in such direction.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
If the Authority considers it to be in the public interest, the Authority may apply to the High Court for an order staying the commencement or continuance of any proceedings by or against the bank in regard to any business 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;
Any direction made under subsection (1) shall be valid for a period not exceeding one year, without prejudice to the making of a subsequent direction or directions.
So long as a direction under subsection (1) remains in force, the licence granted to that bank under this Act shall be suspended.
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
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part