Deposit Protection Act · 2023 Revised Edition · Part 4
43. Payment of premium and late payment fees
Official textFrom Attorney General's Chambers, unchanged
Where a member institution is given notice in writing to pay a premium under this Act for any assessment year or part thereof, the member institution shall pay to the Corporation —
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;
in the case of the premium, on or before the date of payment specified in the regulations;
in the case of the additional premium, on or before the date of payment specified in the notice, the amount of premium or additional premium, as the case may be, that the member institution is required to pay for that assessment year or part thereof.
Subject to subsection (3), if a member institution fails to pay the premium or additional premium or any part thereof in contravention of subsection (1) —
the Corporation may, by notice in writing, impose on the member institution such late payment fee as the Corporation may by regulations determine; and
the member institution shall pay to the Corporation the late payment fee together with the unpaid premium or additional premium, as the case may be, on or before the date of payment specified in the notice.
The late payment fee referred to in subsection (2) shall not exceed the amount of premium or additional premium, as the case may be, owing by the member institution.
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 amount of premium or additional premium owing by the member institution or the late payment fee shall be paid in such manner as may be specified in the regulations.
Without prejudice to any other remedy, any premium, additional premium or late payment fee payable under this Act shall be recoverable as a debt due to the Corporation by the member institution.
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
Where the Corporation has commenced any legal proceedings in a court to recover a premium, additional premium or a late payment fee from a member institution, the Corporation shall be entitled to claim costs on a full indemnity basis from that member institution.
Terms defined in s 2
assessment year
Defined · s 2“assessment year”, in relation to the calculation and payment of premiums under this Act, means the period beginning on the first day of January and ending on the 31st day of December of each year or such other period as may be approved by the Minister;
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;
Part
Offences
Part