Finance Companies Act · 2021 Revised Edition · Part · Licensing of Finance Companies
5. Examination of persons suspected of transacting financing business
Official textFrom Attorney General's Chambers, unchanged
Whenever the Authority has reason to believe that a person is conducting financing business or Islamic financing business without a licence, he may call for the books, accounts and records of such person in order to ascertain whether or not such person has violated or is violating, any provisions of this Act, and any person wilfully refusing to submit such books, accounts and records is guilty of an offence and liable on conviction to a fine of $4,000 and imprisonment for 2 years.
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]
Upon the conviction of any person for an offence against subsection (1). a Court of a Magistrate shall have power to order the production of any books, accounts and records to the Authority and any person failing to comply with such order is guilty of an offence and liable on conviction to a fine of $4.000 and imprisonment for 2 years and, in the case of a continuing offence, to a fine of $100 for each day during which the offence continues.
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]
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…
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 ':
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Regulation of Business
Part
Minimum Liquid Assets
Part
Inspection of Finance Companies
Part 7
Part