Finance Companies Act · 2021 Revised Edition · Part · Licensing of Finance Companies
6. Application for licence
Official textFrom Attorney General's Chambers, unchanged
As from the date of the coming into operation of this Act. any public company proposing to conduct financing business or Islamic financing business in Brunei Darussalam shall, before commencing any such business, apply in writing to the Authority for a licence under this Act.
public company
"public company" means a company incorporated in Brunei Darussalam other than a private company.
In considering any application by a public company for a licence, the Authority may require to be satisfied as 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]
the financial condition of the company;
the character of the management of the company;
the adequacy of the capital structure and earning prospects of the company;
(4 the objects of the company as disclosed in its memorandum of association;
Finance Companies
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the convenience and needs of the community to be served;
whether the public interest will be served by the granting of a licence; and
in the case of an Islamic financing business, that the finance company will comply with the doctrines of Islamic Religion, and that proper provision will be made in the finance company's constituting documents for the appointment of, and the provision of advice by, the appropriate Syariah advisory body.
The Authority may grant a licence with or without conditions, or refuse to grant a licence.
The Authority may at any time vary or revoke any existing conditions of a licence or impose additional conditions.
Where a licence is granted subject to conditions, the finance company shall comply with those conditions and any finance company that fails to comply with any conditions of its licence is guilty of an offence and liable on conviction to a fine of $2,000.
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:
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…
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 ':
public company
Defined · s 2"public company" means a company incorporated in Brunei Darussalam other than a private company.
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Regulation of Business
Part
Minimum Liquid Assets
Part
Inspection of Finance Companies
Part 7
Part