Finance Companies Act · 2021 Revised Edition · Part · Inspection of Finance Companies
26. Inspection of finance companies
Official textFrom Attorney General's Chambers, unchanged
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.
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]
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.
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:
The Authority may appoint any auditor, other than the auditor appointed by the finance company under the provisions of section 13 1 of the
auditor
"auditor" means any person approved by the Minister as a finance company auditor for the purposes of this Act;
Companies Act (Chapter 39) to exercise the powers of the Authority under subsections (1) and (2).
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
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of $1.000 in respect of every day during which the default continues after conviction.
(Deleted).
Terms defined in s 2
auditor
Defined · s 2"auditor" means any person approved by the Minister as a finance company auditor for the purposes of this Act;
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:
Islamic financing business
Defined · s 2"Islamic financing business" means financing business the aims and operations of which do not involve any element which is not approved by Hukum Syara ':
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