Islamic Banking Act · 2024 Revised Edition · Part · General
119. Mergers
Official textFrom Attorney General's Chambers, unchanged
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.
Islamic bank
“Islamic bank” means a company which carries on Islamic banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
In considering such an application, the Authority shall have power to call for such information as he may require.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
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
agreement
“agreement” means an agreement whether formal or informal and whether express or implied;
Islamic bank has been merged with such body corporate or unincorporate, as the case may be.
Terms defined in s 2
agreement
Defined · s 2“agreement” means an agreement whether formal or informal and whether express or implied;
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
company
Defined · s 2“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
Islamic bank
Defined · s 2“Islamic bank” means a company which carries on Islamic banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;