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bruneilawsby aturio
In force2021 Revised Edition
Contents

Part · Licensing of Finance Companies

8. Restriction on company opening branches of finance company

(1)

No finance company shall open any new branch, agency or office, whether inside or outside Brunei Darussalam, without submitting an application in writing to the Authority.

•

(2)

In considering such application, the Authority may require to be satisfied by an inspection under section 26 or otherwise. as to -

(a)

the financial condition of the company;

(b)

the general character of the management of the company;

(c)

the adequacy of the capital structure and earning prospects of the company;

12

Finance Companies

(d)

the convenience and needs of the community to be served;

and

(e)

whether the public interest will be served by the opening or, as the case may be, change of location of the place of business.

(3)

Upon being so satisfied as to the matters referred to in subsection (2), the Authority may -

(a)

grant the application; or

(b)

without assigning any reason therefor. refuse to grant the application.

and his decision thereon shall be final.

(4)

Any finance company that fails to comply with subsection (1) is guilty of an offence and Iiable on conviction to a fine of $2,000 for every day during which the default continues.

Report

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Part

Reserve Funds, Dividends, Balance Sheets and Information

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Part

Regulation of Business

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Part

Minimum Liquid Assets

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Part

Inspection of Finance Companies

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Part 7

Read on from Part 7

Part

General

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