Deposit Protection Act · 2023 Revised Edition · Part 4
52. Discretionary payment
Official textFrom Attorney General's Chambers, unchanged
The Corporation may, with the prior written approval of the Minister, make payment in respect of any protected deposit where —
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
the member institution that holds the deposit or any person to whom that deposit has been transferred under section 33(1)(c)
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;
from a member institution which has surrendered its licence or under section 46(1) from a member institution amalgamating with such person, is unable to make any payment in respect of the deposit, by reason of —
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;
an order of a court;
any action taken by the Authority or the Corporation;
or
any action taken by the receiver, manager or receiver and manager during the period when a member institution is in receivership;
a petition for winding up has been presented to the court against the member institution that holds the deposit or any person to whom that deposit has been transferred under section 33(1)(c) from a member institution which has surrendered its licence or under section 46(1) from a member institution amalgamating with such person; and
the membership of the member institution that holds the deposit is cancelled or terminated.
Deposit Protection 40
deposit protection
“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
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;
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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