Deposit Protection Act · 2023 Revised Edition · Part 4
51. Obligatory payment
Official textFrom Attorney General's Chambers, unchanged
The
Corporation shall, in the manner described in subsection (2), make payment in respect of any deposit protected with the
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
Corporation where a winding up order has been made in respect of —
a member institution that holds the deposit; or
any person to whom that deposit has been transferred —
Deposit Protection
under section 33(1)(c) from a member institution which has surrendered its licence; or
under section 46(1) from a member institution which has amalgamated with such person.
Where the Corporation is obliged to make payment under subsection (1) in respect of any deposit, the Corporation shall as soon as practicable and in any case not later than 3 months from the date of the winding up order make payment to such person based on the record of a member institution as in the opinion of the Corporation appears to be entitled to it in such manner deemed appropriate by the Corporation.
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;
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;
Part
Offences
Part