Finance Companies Act · 2021 Revised Edition · Part · General
32. Memorandum and Articles of Association of finance company
Official textFrom Attorney General's Chambers, unchanged
Every company that was not carrying on financing business in
company
"company" means a company incorporated or registered under the Companies Act;
Brunei Darussalam before 1 st August 1973, being the date of the coming into operation of this Act shall, before it is granted a licence by the Authority to carry on financing business under this Act, include in its Memorandum of
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]
Association or Articles of Association the restrictions, limitations and prohibitions contained in sections 1 8, 19,20,2 1 and 22.
Every company that -
has carried on financing business in Brunei Darussalam before 1st August 1973, being the date of the coming into operation of this Act; and
is licensed under this Act, but whose Memorandum of Association or Articles of Association does not include all or any of the restrictions, limitations or prohibitions contained in sections 18, 19, 20, 21 and 22, is deemed to have included in its
Memorandum of Association or Articles of Association all or any of such restrictions, limitations or prohibitions as are not so included.
•
To the extent that any such restriction, limitation or prohibition so deemed to have been included in the Memorandum of Association or
Articles of Association under subsection (2), is inconsistent with any provisions already included in the Memorandum of Association or Articles of Association. that restriction, limitation or prohibition shall prevail over such provision.
a
Finance Companies
CAP. 89 35
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:
financing business
Defined · s 2"financing business" means the business of - (a) borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and a undertaking to repay the money on call or after an agreed maturity period; (b) lending money to the public or to a company on the basis that the public or the company undertakes to repay the money, whether within an agreed period of time or not, or by installments, and shall include the business of financing…