Finance Companies Act · s 26

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26.
Inspection of finance companies
(1) The Authority may inspect or cause to be inspected under conditions of secrecy. the books, accounts and transactions of any finance company and of any branch. agency or office outside Brunei Darussalam opened by a finance company incorporated in Brunei Darussalam.
(2) The Authority may make an investigation, under conditions of secrecy, of the books, accounts and transactions of a finance company, if he has reason to believe that such finance company is carrying on its business in a manner detrimental to the interest of its depositors and other creditors or it is not conducting its Islamic financing business according to the directions of the Syariah advisory body or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act.
(3) The Authority may appoint any auditor, other than the auditor appointed by the finance company under the provisions of section 13 1 of the
Companies Act (Chapter 39) to exercise the powers of the Authority under subsections (1) and (2).
(4) For the purpose of an inspection or investigation under this section, a finance company shall afford the Authority access to its books, accounts and documents and shall give such information and facilities as may be required to conduct the investigation:
Provided that such books, accounts and documents shall not be required to be produced at such times and at such places as shall interfere with the proper conduct of the normal daily business of that finance company.
( 5 )  If any book, account or document or information is not supplied in accordance with subsection (4), the finance company concerned is guilty of an offence and liable on conviction to a fine of $8,000 and to a further fine

Finance Companies
CAP. 89 27
of $1.000 in respect of every day during which the default continues after conviction.
(6) (Deleted).

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s 26Inspection of finance companies

(1)

The Authority may inspect or cause to be inspected under conditions of secrecy. the books, accounts and transactions of any finance company and of any branch. agency or office outside Brunei Darussalam opened by a finance company incorporated in Brunei Darussalam.

(2)

The Authority may make an investigation, under conditions of secrecy, of the books, accounts and transactions of a finance company, if he has reason to believe that such finance company is carrying on its business in a manner detrimental to the interest of its depositors and other creditors or it is not conducting its Islamic financing business according to the directions of the Syariah advisory body or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act.

(3)

The Authority may appoint any auditor, other than the auditor appointed by the finance company under the provisions of section 13 1 of the

Companies Act (Chapter 39) to exercise the powers of the Authority under subsections (1) and (2).

(4)

For the purpose of an inspection or investigation under this section, a finance company shall afford the Authority access to its books, accounts and documents and shall give such information and facilities as may be required to conduct the investigation:

Provided that such books, accounts and documents shall not be required to be produced at such times and at such places as shall interfere with the proper conduct of the normal daily business of that finance company.

( 5 ) If any book, account or document or information is not supplied in accordance with subsection (4), the finance company concerned is guilty of an offence and liable on conviction to a fine of $8,000 and to a further fine

Finance Companies

CAP. 89 27

of $1.000 in respect of every day during which the default continues after conviction.

(6)

(Deleted).