Finance Companies Act · 2021 Revised Edition · Part · General
33A. Approval of director etc. of finance company
Official textFrom Attorney General's Chambers, unchanged
No finance company shall appoint a person as its director unless -
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 finance company has served on the Authority a notice in writing stating that it proposes to appoint that person to a specified position and containing such particulars as may be prescribed; and
the Authority has, before the expiration of 3 months from the date of service of the notice, notified the finance company in writing that there is no objection to that person being appointed to the specified position or such period lapses without the Authority having served on the finance company a notice of objection in writing.
A notice under subsection (I)@) shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.
Finance Conzpanies
CAP. 89 37
The Authority may object to the person proposed to be appointed and serve notice thereof under subsection (l)(b) on the ground that it appears to him that such person is not a fit and proper person to be so appointed, but before serving such notice the Authority shall serve on the finance company and on the person a preliminary notice in writing stating that -
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 is considering the service on the finance company of a notice of objection on that ground; and
the finance company and that person may, within one month from the date of service of the preliminary notice, make representations in writing to the Authority.
The Authority shall not be obliged to disclose any particulars of the grounds on which he is considering the service of the notice of objection or on which he serves the notice of objection.
( 5 ) Where representations are made in accordance with this section the Authority shall take them into consideration in deciding whether to serve the notice of objection.
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]
director
Defined · s 2"director" includes any person occupying the position of director of a finance company by whatever name called and includes a person in accordance with whose directions or instructions the directors of a finance company are accustomed to act and an alternate or substitute director;
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: