42. (1)

No person shall become a controller of an insurer incorporated in

Brunei Darussalam otherwise than by virtue of an appointment in relation to which subsection (1) of section 41 has effect, unless-

(a} he has served on the Authority a notice in writing stating that he intends to become a controller of that insurer and containing such particulars as may be prescribed; and

(b} the Authority has, before the expiration of a period of 3 months from the date of service of the notice, notified him in writing that there is no objection to his becoming a controller of the insurer or such period elapses without the Authority having served on him a notice of objection in writing.

(21

The Authority may object to the person who intends to become a controller of the insurer and serve notice thereof under paragraph (b} of subsection Ill on the ground that it appears to him that such person is not a

"fit and proper person" to so become, but before serving such notice the Authority shall serve on that person a preliminary notice in writing stating-

(a} that the Authority is considering the service on that person of a notice of objection on that ground; and

(b} that that person may, within one month from the date of service of the preliminary notice, make representations in writing to the Authority.

(31

The Authority shall not be obliged to disclose any particulars of the ground on which he is considering the service of the notice of objection or on which he serves the notice of objection.

141

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.