Islamic Banking Act · s 14

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14.
Notification of becoming new or increased controller
(1) No person shall become an indirect, 10 per cent, 20 per cent,
33 per cent or majority controller (as defined in Part 2 of Schedule 1) of an
Islamic bank incorporated in Brunei Darussalam unless he has served on the
Authority a written notice that he intends to become such a controller and the
Authority either —

Islamic Banking
(a) has notified him in writing before the end of the period of 3 months beginning with the date of service of his notice that there is no objection to his becoming such a controller; or
(b) has allowed that period to elapse without serving on him under section 15 a written notice of objection to his becoming such a controller.
(2) After receiving a notice from any person under subsection (1), the Authority may, by notice in writing, require him to provide such additional information or documents as the Authority may reasonably require for deciding whether to serve a notice of objection.
(3) Where additional information or documents are required from any person by a notice under subsection (2), the time between the giving of that notice and the receipt of the information or documents shall be added to the period mentioned in subsection (1)(a).
(4) A notice given by any person under subsection (1) shall not be regarded as complying with that subsection except as regards his becoming a controller of the Islamic bank in question within the period of one year beginning with the following date —
(a) in the case of a person who becomes such controller without having been served with a notice of objection, the date on which he became such a controller; and
(b) in the case of a person who becomes such a controller after having been served with one or more notices of objection which or, as the case may be, each of which was quashed, the date on which the notice or, as the case may require, the latest date on which any of the notices was quashed.

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s 14Notification of becoming new or increased controller

(1)

No person shall become an indirect, 10 per cent, 20 per cent,

33 per cent or majority controller (as defined in Part 2 of Schedule 1) of an

Islamic bank incorporated in Brunei Darussalam unless he has served on the

Authority a written notice that he intends to become such a controller and the

Authority either —

Islamic Banking

(a)

has notified him in writing before the end of the period of 3 months beginning with the date of service of his notice that there is no objection to his becoming such a controller; or

(b)

has allowed that period to elapse without serving on him under section 15 a written notice of objection to his becoming such a controller.

(2)

After receiving a notice from any person under subsection (1), the Authority may, by notice in writing, require him to provide such additional information or documents as the Authority may reasonably require for deciding whether to serve a notice of objection.

(3)

Where additional information or documents are required from any person by a notice under subsection (2), the time between the giving of that notice and the receipt of the information or documents shall be added to the period mentioned in subsection (1)(a).

(4)

A notice given by any person under subsection (1) shall not be regarded as complying with that subsection except as regards his becoming a controller of the Islamic bank in question within the period of one year beginning with the following date —

(a)

in the case of a person who becomes such controller without having been served with a notice of objection, the date on which he became such a controller; and

(b)

in the case of a person who becomes such a controller after having been served with one or more notices of objection which or, as the case may be, each of which was quashed, the date on which the notice or, as the case may require, the latest date on which any of the notices was quashed.