Deposit Protection Act · 2023 Revised Edition · Part · General
75. Submission of information to Corporation
Official textFrom Attorney General's Chambers, unchanged
Unless expressly provided for in this Act to the contrary, if in the exercise of any of its powers, the performance of any of its functions, or the discharge of any of its duties under this Act, the Corporation requires any information from any member institution or from any related corporation of any of the member institution, on any matter relating to the business or affairs of such member institution or related corporation, such member institution or related corporation shall, notwithstanding section 58 of the
Corporation
“Corporation” means the Brunei Darussalam Deposit Protection Corporation established by section 3;
Banking Order, 2006 (S 45/2006) or section 58 of the Islamic Banking
Order, 2008 (S 96/2008) submit such information to the Corporation.
Any officer or agent of the member institution or related corporation or any other person having access or holding or in possession of the books, records, accounts or other documents of a member institution or related corporation shall, if at any time called upon in writing by the
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;
Corporation to do so, produce the same to the Corporation as it may require.
Where the information obtained by the Corporation under subsection (1) or (2) relates to the account, business or affairs of any customer of any member institution or related corporation supplying the information, that information shall be confidential as between the
Corporation and the member institution or related corporation supplying it.
Deposit Protection 48
deposit protection
“deposit protection” means the protection provided to the depositors of a member institution in case of its failure to pay its deposits;
Any person who fails to comply with any requirement under this section is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $1,000 for every day or part thereof during which the offence continues after conviction.
Terms defined in s 2
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;