Deposit Protection Act · 2023 Revised Edition · Chapter 1
4. Objects of Corporation
Official textFrom Attorney General's Chambers, unchanged
The objects of the Corporation shall be —
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
to administer a deposit protection scheme for the member institutions under this Act;
deposit protection
“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
to provide protection against the loss of part or all of the deposits of a member institution;
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;
to provide incentives for sound risk management in the financial system; and
to promote or contribute to the stability of the financial system.
Terms defined in s 2
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;
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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