Islamic Banking Act · s 119

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s 119Mergers

(1)

An Islamic bank incorporated in Brunei Darussalam shall not be merged or consolidated with, or be taken over by, any other company or body unincorporate without the prior written approval of the Authority.

(2)

In considering such an application, the Authority shall have power to call for such information as he may require.

(3)

Without prejudice to the generality of subsection (1), for the purposes of this section an Islamic bank is deemed to be merged with a body corporate or unincorporate if the Islamic bank or its shareholders enter into any agreement or arrangement under which all or substantially all of the business of the Islamic bank is to be managed, and under which the shareholders of the Islamic bank will be accorded rights, as if the

Islamic bank has been merged with such body corporate or unincorporate, as the case may be.