Deposit Protection Act · 2023 Revised Edition · Part · General
86. Power to make regulations, rules, orders, by-laws, directives, guidelines circulars or notices
Official textFrom Attorney General's Chambers, unchanged
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make such regulations, rules or orders, by-laws, directives, guidelines, circulars or notices, as may be necessary or expedient for giving full effect to this Act, for carrying out or achieving the objects and purposes of this Act, or any provision thereof, or for the further, better or more convenient implementation of this Act.
Deposit Protection
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 regulations, rules, orders, by-laws, directives, guidelines, circulars or notices made under this section may relate to all, or any class, category or description of persons and different provisions may be made for different persons, classes, categories or descriptions of person.
Without prejudice to the generality of subsection (1), such regulations, rules, orders, by-laws, directives, guidelines, circulars or notices may be made in respect of —
forms, including forms of notifications, notices and certificates, for the purposes of this Act;
the conduct, business and affairs of the Corporation;
deposits of a trustee, joint owner or a deposit of a business or professional practice under section 45;
the coverage of deposits and related matters to it on the following —
where a person has deposits with two or more member institutions that amalgamate and continue in operation as one member institution under section 46; or
where such deposits are to be acquired by a person who is not a member institution under section 47;
the return to be payable based on the returns of a financing facility;
forms, method and procedures for compounding of offences; or
anything under this Act required to be made as regulations, rules, orders, by-laws, directives, guidelines, circulars or notices.
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;