Exchange Control Act · 1984 Revised Edition · Part IV · Securities
Section 11
Official textFrom Attorney General's Chambers, unchanged
Except with the permission of the Controller, no person shall in Brunei issue any security or, whether in
Brunei or elsewhere, issue any security which is registered or to be registered in Brunei, unless the following require-ments are fulfilled, that is to say-Exchange Control
neither the person to whom the security is to be issued nor the person, if any, for whom he is to be a nominee is resident outside the scheduled ter-ritories; and
the prescribed evidence is produced to the person issuing the security as to the residence of the person to whom it is to be issued and that of the person, if any, for whom he is to be a nominee.
The subscription of the memorandum of associa-tion of a company to be formed under the Companies Act, by a person resident outside the scheduled territories, or by a nominee for another person so resident, shall, unless he subscribes the memorandum with the permission of the
Controller be invalid in so far as it would on registration of the memorandum have the effect of making him a member of or shareholder in the company, so, however, that this provision shall not render invalid the incorporation of the company; and if by virtue of this subsection the number of the subscribers of the memorandum who on its registration become members of the company is less than the minimum number required to subscribe the memorandum, the provi-sions of the said Act relating to the carrying on of business of a company the number of whose members is reduced below the legal minimum shall apply to the company as if the number of its members had been so reduced.