Finance Companies Act · 2021 Revised Edition · Part · Licensing of Finance Companies
10. Amendment of constitution of finance company
Official textFrom Attorney General's Chambers, unchanged
Every finance company that intends to alter its Memorandum of
finance company
"finance company" means any company licensed under this Act, to carry on financing business or Islamic financing business, and all branches and offices in Brunei Darussalam of such a company is deemed to be one finance company for the purpose of this Act:
Association or Articles of Association shall, before proposing any resolution in this regard, furnish to the Authority for its approval, particulars in writing
Authority
"Authority" means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010 (S 103120 10); [S 1 7/2 02 I]
(verified by a statutory declaration made by the secretary of the finance company) of that proposed alteration.
Finance Conlyanies
CAP. 89 13
The Authority may thereupon -
approve the proposed alteration without modification:
approve the proposed alteration with modification; or
refuse to approve the proposed alteration.
If the Authority -
approves the proposed alteration with modification. the finance company shall adopt the proposed alteration as so modified or not proceed with the proposed alteration; and
refuses to approve the proposed alteration, it may request the finance company to withdraw the proposed alteration and the finance company shall comply with the Authority's request.
Any finance company which fails to comply with the requirement of subsection (I) or with any request by the Authority made under subsection (3) is guilty of an offence and liable on conviction to a fine of $1,500 for every day during which the default continues.
Terms defined in s 2
Authority
Defined · s 2"Authority" means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010 (S 103120 10); [S 1 7/2 02 I]
finance company
Defined · s 2"finance company" means any company licensed under this Act, to carry on financing business or Islamic financing business, and all branches and offices in Brunei Darussalam of such a company is deemed to be one finance company for the purpose of this Act:
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Regulation of Business
Part
Minimum Liquid Assets
Part
Inspection of Finance Companies
Part 7
Part