Finance Companies Act · s 8

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

8.
Restriction on company opening branches of finance company
(1) No finance company shall open any new branch, agency or office, whether inside or outside Brunei Darussalam, without submitting an application in writing to the Authority.
•
(2) In considering such application, the Authority may require to be satisfied by an inspection under section 26 or otherwise. as to -
(a) the financial condition of the company;
(b) the general character of the management of the company;
(c) the adequacy of the capital structure and earning prospects of the company;

Finance Companies
(d) the convenience and needs of the community to be served;
and
(e) whether the public interest will be served by the opening or, as the case may be, change of location of the place of business.
(3) Upon being so satisfied as to the matters referred to in subsection (2), the Authority may -
(a) grant the application; or
(b) without assigning any reason therefor. refuse to grant the application.
and his decision thereon shall be final.
(4) Any finance company that fails to comply with subsection (1) is guilty of an offence and Iiable on conviction to a fine of $2,000 for every day during which the default continues.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 8Restriction on company opening branches of finance company

(1)

No finance company shall open any new branch, agency or office, whether inside or outside Brunei Darussalam, without submitting an application in writing to the Authority.

•

(2)

In considering such application, the Authority may require to be satisfied by an inspection under section 26 or otherwise. as to -

(a)

the financial condition of the company;

(b)

the general character of the management of the company;

(c)

the adequacy of the capital structure and earning prospects of the company;

Finance Companies

(d)

the convenience and needs of the community to be served;

and

(e)

whether the public interest will be served by the opening or, as the case may be, change of location of the place of business.

(3)

Upon being so satisfied as to the matters referred to in subsection (2), the Authority may -

(a)

grant the application; or

(b)

without assigning any reason therefor. refuse to grant the application.

and his decision thereon shall be final.

(4)

Any finance company that fails to comply with subsection (1) is guilty of an offence and Iiable on conviction to a fine of $2,000 for every day during which the default continues.