Brunei Darussalam Central Bank Order, 2010 (Formerly Known as Autoriti Monetari Brunei Darussalam Order) · As enacted · Part III
15. Disqualification of directors
Official textFrom Attorney General's Chambers, unchanged
No person shall be appointed as or remain as a director of the Authority who is a director or salaried official of any bank or financial institution.
director
"director" means a director of the board appointed under section 12(1);
His Majesty the Sultan and Yang Di-Pertuan may, after having received a report mentioned under subsection (4), terminate the appointment of any director if he -
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(a} becomes of unsound mind or incapable of carrying out his duties;
(b} has been adjudged bankrupt or suspends payment to or compounds with his creditors;
(c} is convicted of an offence involving dishonesty, fraud or moral turpitude;
(d} is guilty of serious misconduct in relation to his duties;
is absent, without leave, from 3 consecutive meetings of the board;
or
fails to comply with his obligations under section 18(1).
In cases under subsection (2), the Authority shall appoint a committee under section 20 to make an appropriate inquiry, including the opportunity for the director in question to contest the findings.
The committee referred to in subsection (3) shall submit a report to the
Authority which shall thereupon submit it to His Majesty the Sultan and Yang
Di-Pertuan with its conclusions.
Terms defined in s 2
bank
Defined · s 2"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
board
Defined · s 2"board" means the board of directors of the Authority established by section 11(1);
director
Defined · s 2"director" means a director of the board appointed under section 12(1);
financial institution
Defined · s 2"financial institution" means (a) any insurer registered under the Insurance Order, 2006 (S 48/06) or the Takaful Order, 2008 (S 100/08) or any person licensed under the International Insurance and Takaful Order, 2002 (S 43/02); {b} any finance company licensed under the Finance Companies Act; (c) any person licensed under the Registered Agents and Trustees Licensing Order, 2000 (S 54/00), the Mutual Funds Order, 2001 (S 18/01), the Securities Order, 2001 (S 31/01) or the International Insurance and Takaful Order, 2002 (S 43/02); {d} any person licensed to carry on any money-changing business or remittance business under the Money-Changing and Remittance Businesses Act; (e) such other person licensed, approved or regulated by the Authority under any written law;
Part IV
Part VI
Relations with Banks and Financial Institutions
Part VII
Part VIII