Deposit Protection Act · 2023 Revised Edition · Part 4
26. Definition of deposit
Official textFrom Attorney General's Chambers, unchanged
In this Part —
“deposit” means the unpaid balance of the aggregate of deposits as defined in section 2 received or held by a member institution from or on behalf of a person in the usual course of the business of deposit-taking of the member institution and shall include —
deposit
“deposit” means a deposit as defined in section 2(3) of the Banking Order, 2006, a deposit as defined in section 2(3) of the Islamic Banking Order, 2008 and a deposit as defined in section 2 of the Finance Companies Act, as the case may be;
non-member institution Brunei dollar and foreign currency deposits;
member institution
“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
[S 67/2012]
Deposit Protection
deposit protection
“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
a bank draft, certified cheque or other similar instrument or payment instruction, drawn or made against a deposit account for which the member institution is primarily liable;
a cheque entered into a payment system or a clearing house notwithstanding any delay or failure by the member institution in crediting the account; or
any other liability or financial instrument as may be specified by the Corporation, but excludes —
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
a deposit that is not payable in Brunei Darussalam;
money market deposits;
any structured deposits;
negotiable instruments of deposit and other bearer deposits;
repurchase agreements; and
any other liability or financial instrument as may be specified by the Corporation;
“trust accounts” includes monies held on account for the purpose of trust.
Terms defined in s 2
Corporation
Defined · s 2“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
deposit
Defined · s 2“deposit” means a deposit as defined in section 2(3) of the Banking Order, 2006, a deposit as defined in section 2(3) of the Islamic Banking Order, 2008 and a deposit as defined in section 2 of the Finance Companies Act, as the case may be;
deposit protection
Defined · s 2“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
member institution
Defined · s 2“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
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Offences
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