Deposit Protection Act · 2023 Revised Edition · Chapter 1
3. Establishment of Corporation
Official textFrom Attorney General's Chambers, unchanged
There is hereby established the “Brunei Darussalam Deposit
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;
Protection Corporation”.
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
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;
The Corporation shall be a body corporate with perpetual succession and a common seal with power, subject to this Act, to acquire and dispose of property and may sue and be sued in its corporate name.
All deeds, documents and other instruments requiring the seal of the Corporation shall be sealed with the common seal of the Corporation by the authority of the Corporation in the presence of the Chief Executive
Authority
“Authority” means the Authority as stated in the Banking Order, 2006, the Islamic Banking Order, 2008 and in the case of the Finance Companies Act, the Minister;
Officer or a member of the Corporation and of some other person duly authorised by the Corporation to act in that behalf, and shall be signed by the
Chief Executive Officer or member of the Corporation, as the case may be, and by that duly authorised other person, and such signing shall be sufficient evidence that the common seal of the Corporation has been duly and properly affixed and that the seal is the lawful seal of the Corporation.
Chief Executive Officer
“Chief Executive Officer” means the Chief Executive of the Corporation;
The Corporation may by resolution or otherwise appoint an officer of the Corporation or any other agent either generally or in a particular case to execute or sign on behalf of the Corporation any agreement or other instrument not under seal in relation to any matter coming within the powers of the Corporation.
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Authority as stated in the Banking Order, 2006, the Islamic Banking Order, 2008 and in the case of the Finance Companies Act, the Minister;
Chief Executive Officer
Defined · s 2“Chief Executive Officer” means the Chief Executive of the Corporation;
Corporation
Defined · s 2“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
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;
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Chapter 3
Chapter 4
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Finance
Part 4
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Offences
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