Deposit Protection Act · 2023 Revised Edition · Part 4
58. Corporation may pay return on obligatory payment
Official textFrom Attorney General's Chambers, unchanged
Where the Corporation makes an obligatory payment under section 51, the Corporation may at its sole discretion pay, in addition to the amount the Corporation is obliged to pay, return on that amount at a rate
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
Deposit Protection determined by the Corporation for the period commencing on the date of the winding up in respect of a member institution that holds the deposit and ending on the date of the making of the payment in respect of the deposit, but the aggregate of the payments made under this section and section 51 in relation to the deposit shall in no case exceed $50,000.
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
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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