Deposit Protection Act · 2023 Revised Edition · Part 4
59. How return on deposit to be calculated for discretionary payment
Official textFrom Attorney General's Chambers, unchanged
In calculating the payment by the Corporation in respect of any protected member institution where the Corporation makes a discretionary payment —
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
subject to paragraph (b), the return accrued, in relation to the deposit shall be included only up to the date of the payment by the Corporation; or
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;
if a proceeding for the winding up of a member institution that holds the deposit has been commenced before the date of the payment by the Corporation but a winding up order has not yet been made, the return accrued, in relation to the deposit shall be included only up to the date of the commencement of the winding up of the 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;
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;
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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