Finance Companies Act · 2021 Revised Edition · Part · Regulation of Business
21. Restrictions on investments by finance companies
Official textFrom Attorney General's Chambers, unchanged
No finance company shall acquire or hold any part of the share capital of, or otherwise have a direct interest in, any financial, commercial, agricultural, industrial or other undertaking exceeding in the aggregate 25
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:
per cent of the paid-up share capital and published reserves of that finance company except such shareholding as the finance company may acquire in the course of realising debts due to it, which shareholding shall however, be disposed of at the earliest suitable moment.
Notwithstanding the provisions of subsection (1): the percentage holding or interest referred to in that subsection may upon application of a finance company to the Authority, and with the consent of the Authority, be increased to not more than 50 per cent of the paid-up share capital and published reserves of that finance company.
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]
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
Minimum Liquid Assets
Part
Inspection of Finance Companies
Part 7
Part