Finance Companies Act · 2021 Revised Edition · Part · Regulation of Business
22. Restriction on holding immovable property by finance companies
Official textFrom Attorney General's Chambers, unchanged
No finance company shall purchase or acquire any immovable property, or any right, title or interest therein, exceeding in the aggregate at any one time 25 per cent of the finance company's paid-up share capital and published reserves, except as may be reasonably necessary for the purpose 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:
Finance Con~panies
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conducting its business or of housing or providing amenities for its staff but this shall not prevent a finance company from -
letting part of any building which is used for the purpose of conducting its business; or
securing a debt on any immovable property and. in the event of default in payment of such debt, from holding that immovable property for realisation by sale or auction at the earliest suitable moment.
This section does not apply to such property as may from time to time be approved by 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]
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