Finance Companies Act · 2021 Revised Edition · Part · Inspection of Finance Companies
27. Powers of Authority to issue orders after inspection
Official textFrom Attorney General's Chambers, unchanged
If the Authority finds upon an inspection under section 26 that the affairs of a finance company is contrary to Hukum Syara ' in relation to
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]
Islamic financing business are being conducted in a manner likely to be detrimental to the interests of the depositors or prejudicial to the interests of the finance company or contrary to Hz4kum S'ura' in relation to Islamic financing business, the Authority may by order require the finance company or contrary to Hukum Syara ' in relation to Islamic financing business to take such corrective action as the Authority considers to be necessary or require the finance company or contrary to Hukum Syara' in relation to Islamic financing business to discontinue such practices or procedures.
Islamic financing business
"Islamic financing business" means financing business the aims and operations of which do not involve any element which is not approved by Hukum Syara ':
No order shall be issued under subsection (1) unless the finance company has been given a reasonable opportunity to present its views to the
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:
Authority.
The Authority may, upon representation being made to him, or on his own motion, modify or cancel any order issued under subsection (I), and in so modifying or cancelling any order, may impose such conditions as he thinks fit.
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:
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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