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bruneilawsby aturio
In force2021 Revised Edition
Contents

Part · Management and Administration Registered Office and Name

153C. Derivative or representative actions [S 44/20] 71

(1)

In this section and section 153D, "complainant" means -

Companies

CAP. 39 187

(a)

any member of a company;

(b)

the Minister; or

(c)

any other person who, in the discretion of the Court, is a proper person to make an application under this section.

(2)

Subject to subsection (3), a complainant may apply to the a

Court for leave to bring an action or arbitration in the name and on behalf of the company or intervene in an action or arbitration to which the company is a party, for the purpose of prosecuting, defending or discontinuing the action or arbitration on behalf of the company.

(3)

No action or arbitration may be brought and no intervention in an action or arbitration may be made under subsection (2) unless the Court is satisfied that -

(a)

the complainant has given 14 days' notice to the directors of the company of his intention to apply to the Court under subsection (2) if the directors of the company do not bring, diligently prosecute or defend or discontinue the action or arbitration;

(b)

the complainant is acting in good faith; and

(c)

it appears to be prima facie in the interests of the company that the action or arbitration be brought, prosecuted, defended or discontinued.

(4)

Where a complainant on an application can establish to the satisfaction of the Court that it is not expedient to give notice as required in a subsection (3)(a), the Court may make such interim order as it thinks fit pending the complainant giving notice as required.

(5)

In granting leave under this section, the Court may make such orders or interim orders as it thinks fit in the interests of justice, including

(but not limited to) the following -

(a)

Report

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Part 6

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Part 7

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Part 8

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Part 9

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Part

Restrictions on Sale of Shares and Offers of Shares for Sale

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Part

Prohibition of Partnerships with More Than Twenty Members

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Part

Enforcement and General Provisions

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Schedules