Finance Companies Act · 2021 Revised Edition · Part · Licensing of Finance Companies
11. Revocation of licence
Official textFrom Attorney General's Chambers, unchanged
The Authority -
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]
shall, by order, revoke the licence of a finance company if the company ceases to carry on the business for which it has been licensed in Brunei Darussalam or goes into liquidation or is wound up or otherwise dissolved;
may, in its discretion, by order, revoke the licence of a finance company if, in his opinion, the finance company -
is carrying on its business in a manner likely to be detrimental to the interests of its depositors;
has insufficient assets to cover its liabilities to its depositors;
carries on business while its paid-up capital
(unimpaired by losses or otherwise) is less than
$1,000,000; or
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Finance Conzpanies
is contravening or has contravened the provisions of this Act; and
may, also in its discretion, by order, revoke the licence of a company -
if the finance company or any person who is in a managerial or executive position in that finance company has been convicted of any offence against this Act; or
if it considers it in the public interest to do so:
Provided that before revoking any licence, the Authority shall give the finance company notice in writing of its intention to do so. specifying a date, not less than 21 days after the date of the notice, upon which such revocation shall take effect and calling upon the finance company to show cause to the
Authority why such licence should not be revoked.
Where the Authority has revoked a licence under the provisions of subsection (I), he shall forthwith inform the finance company by notice in writing of such revocation.
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:
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]
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
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