Exchange Control Act · s 33

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33.
companies
(1) Where there is served on any person resident in
Brunei a notice in writing that the Controller wishes any such requirements as are hereinafter mentioned to be com-plied with by any such body corporate as is specified in the
Second Schedule (hereafter in this subsection referred to as a "foreign company"), and that person can, by doing or refraining from doing any act -
(a) cause the foreign company to comply with any of the requirements; or
(b) remove any obstacle to the foreign company complying with any of the requirements; or
(c) render it in any respect more probable that the foreign company will comply with any of the requirements, then, except so far as permission to the contrary may be given by the Controller, that person shall do, or, as the case may be, refrain from doing, that act.
The requirements with respect to which such a notice may be given are as follows, that is to say, that the foreign company shall -
(i) furnish to the Controller such particulars as to its assets and business as may be mentioned in the notice;

Exchange Control
(ii) sell or procure the sale to an authorised dealer of any gold or specified currency mentioned in the notice, being gold or specified currency which it is entitled to sell or of which it is entitled to procure the sale;
(iii) declare and pay such dividend as may be men-tioned in the notice;
(iv) realise any of its assets mentioned in the notice in such manner as may be so men-tioned; and
(v) refrain from selling, transferring, or doing anything which affects its rights or powers in relation to any such securities as may be men-tioned in the notice.
(2) Except with the permission of the Controller, no person resident in Brunei shall, do any act whereby a body corporate which is by any means controlled (whether direct-ly or indirectly) by persons resident in Brunei ceases to be controlled by persons resident in Brunei:
Provided that this subsection shall not prohibit any person from selling any securities authorised to be dealt in on any stock exchange approved by the Controller and within the scheduled territories if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange.
(3) Except with the permission of the Controller no person resident in Brunei shall lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or in-directly) by persons resident outside the scheduled territor-ies:
Provided that this subsection shall not apply where the lender after making such inquiries as are reasonable in the 39

Exchange Control circumstances of the case does not know and has no reason to suspect that the body corporate is controlled as aforesaid.
( 4) For the purposes of this section and of the
Second Schedule, persons resident in Brunei or outside the scheduled territories shall be deemed to control a body corporate notwithstanding that other persons are associated with them in the control thereof if they can together over-ride those other persons.
(5) In this section the expression "security" includes a secondary security.

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s 33companies

(1)

Where there is served on any person resident in

Brunei a notice in writing that the Controller wishes any such requirements as are hereinafter mentioned to be com-plied with by any such body corporate as is specified in the

Second Schedule (hereafter in this subsection referred to as a "foreign company"), and that person can, by doing or refraining from doing any act -

(a)

cause the foreign company to comply with any of the requirements; or

(b)

remove any obstacle to the foreign company complying with any of the requirements; or

(c)

render it in any respect more probable that the foreign company will comply with any of the requirements, then, except so far as permission to the contrary may be given by the Controller, that person shall do, or, as the case may be, refrain from doing, that act.

The requirements with respect to which such a notice may be given are as follows, that is to say, that the foreign company shall -

(i)

furnish to the Controller such particulars as to its assets and business as may be mentioned in the notice;

Exchange Control

(ii)

sell or procure the sale to an authorised dealer of any gold or specified currency mentioned in the notice, being gold or specified currency which it is entitled to sell or of which it is entitled to procure the sale;

(iii)

declare and pay such dividend as may be men-tioned in the notice;

(iv)

realise any of its assets mentioned in the notice in such manner as may be so men-tioned; and

(v)

refrain from selling, transferring, or doing anything which affects its rights or powers in relation to any such securities as may be men-tioned in the notice.

(2)

Except with the permission of the Controller, no person resident in Brunei shall, do any act whereby a body corporate which is by any means controlled (whether direct-ly or indirectly) by persons resident in Brunei ceases to be controlled by persons resident in Brunei:

Provided that this subsection shall not prohibit any person from selling any securities authorised to be dealt in on any stock exchange approved by the Controller and within the scheduled territories if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange.

(3)

Except with the permission of the Controller no person resident in Brunei shall lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or in-directly) by persons resident outside the scheduled territor-ies:

Provided that this subsection shall not apply where the lender after making such inquiries as are reasonable in the 39

Exchange Control circumstances of the case does not know and has no reason to suspect that the body corporate is controlled as aforesaid.

( 4) For the purposes of this section and of the

Second Schedule, persons resident in Brunei or outside the scheduled territories shall be deemed to control a body corporate notwithstanding that other persons are associated with them in the control thereof if they can together over-ride those other persons.

(5)

In this section the expression "security" includes a secondary security.