National Bank of Brunei; National Finance Sendirian Berhad Act · s 9

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9.
Continued useof property
(1)
If either the Bank or the Finance Company has
Safeguarding beforecommencementdisposedof or chargedany of its assets asse.td s and f avO! ance 0
or extended any loan or other financial assistance in each case transactions

National Bank of Brunei Berhad;
National Finance Sendirian Berhad to any person, and, in the opinion of the Controller in the light of all circumstances of which he is aware, such disposal or charge or change was not made or such loan or financial assis-tance was not extended in good faith in the ordinary course of business of a financial institution, and a loss to the Bank or the Finance Company has arisen or does or could arise as a result of such disposal, charge, loan or financial assistance, the amount of the loss may be recovered as a civil debt from any former officer, any connected person or any manager or officer of the Bank or the Finance Company who was responsible therefor or from any other person who benefitted therefrom.
(2)
Any civil proceeding for the recovery of a civil debt under section 6(2) may be brought by the Controller in the name of and on behalf of the Bank or the Finance Company.
, (3)
If either the Bank or the Finance Company has before commencement entered into a transaction which, in the opinion of the Controller was of such a nature that, as of the time it was entered into, could reasonably have been foreseen to be likely -
(a)
to cause a loss to the Bank or, as the case may be, the Finance Company; or
(b)
to impose a liability on it greater than any benefit to it, and which, in the opinion of the Controller -
(i)
was both an unusual transaction for the
Bank or, as the case may be, the Finance
Company to enter into, having regard to the ordinary course of business of a financial institution, and not reasonably necessary for the purposes of its business having regard to circumstances at the time it was entered into; or

National Bank oj Brunei Berhad;
National Finance Sendirian Berhad
CAP. 156 15
(ii)
was a transaction entered into otherwise than in the ordinary course of business of a financial institution and on such terms or with such a party as to indicate an unreasonable lack of prudence on the part of the Bank or, as the case may be, the Finance Company, having regard to circumstances at the time it was entered into; or
(iii)
was a transaction which was reasonably likely when entered into, to cause loss to the depositors in or lenders to the Bank or the Finance
Company other than excluded persons or connected persons, and upon commencement, the transaction remains in whole or in part unperformed or unexpired, the Bank or, as the case may be, the Finance
Company shall, if so directed by the
Controller, by notice in writing given to the other parties to the transaction, disclaim that transaction.
(4)
Where a notice of disclaimer is given under section 9(3) with respect to any agreement, the agreement shall be deemed to be terminated on the date on which such notice is gIven.
(5)
The performance of obligations and the payment of sums alleged by an excluded person or connected person to be owed by the Bank or the Finance Company to such excluded person or connected person shall be subject and subordinate to the prior payment by each of the Bank and the Finance
Company of all of its other indebtedness as of commencement.
(6)
The Controller may order any person he believes to be in possession or control of any asset owned by or secured in favour of either of the Bank or the Finance Company to deliver or re-deliver such asset to the Bank or, as the case may be, the Finance Company.

National Bank of Brunei Berhad;
National Finance Sendirian Berhad
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s 9Continued useof property

(1)

If either the Bank or the Finance Company has

Safeguarding beforecommencementdisposedof or chargedany of its assets asse.td s and f avO! ance 0

or extended any loan or other financial assistance in each case transactions

National Bank of Brunei Berhad;

National Finance Sendirian Berhad to any person, and, in the opinion of the Controller in the light of all circumstances of which he is aware, such disposal or charge or change was not made or such loan or financial assis-tance was not extended in good faith in the ordinary course of business of a financial institution, and a loss to the Bank or the Finance Company has arisen or does or could arise as a result of such disposal, charge, loan or financial assistance, the amount of the loss may be recovered as a civil debt from any former officer, any connected person or any manager or officer of the Bank or the Finance Company who was responsible therefor or from any other person who benefitted therefrom.

(2)

Any civil proceeding for the recovery of a civil debt under section 6(2) may be brought by the Controller in the name of and on behalf of the Bank or the Finance Company.

, (3)

If either the Bank or the Finance Company has before commencement entered into a transaction which, in the opinion of the Controller was of such a nature that, as of the time it was entered into, could reasonably have been foreseen to be likely -

(a)

to cause a loss to the Bank or, as the case may be, the Finance Company; or

(b)

to impose a liability on it greater than any benefit to it, and which, in the opinion of the Controller -

(i)

was both an unusual transaction for the

Bank or, as the case may be, the Finance

Company to enter into, having regard to the ordinary course of business of a financial institution, and not reasonably necessary for the purposes of its business having regard to circumstances at the time it was entered into; or

National Bank oj Brunei Berhad;

National Finance Sendirian Berhad

CAP. 156 15

(ii)

was a transaction entered into otherwise than in the ordinary course of business of a financial institution and on such terms or with such a party as to indicate an unreasonable lack of prudence on the part of the Bank or, as the case may be, the Finance Company, having regard to circumstances at the time it was entered into; or

(iii)

was a transaction which was reasonably likely when entered into, to cause loss to the depositors in or lenders to the Bank or the Finance

Company other than excluded persons or connected persons, and upon commencement, the transaction remains in whole or in part unperformed or unexpired, the Bank or, as the case may be, the Finance

Company shall, if so directed by the

Controller, by notice in writing given to the other parties to the transaction, disclaim that transaction.

(4)

Where a notice of disclaimer is given under section 9(3) with respect to any agreement, the agreement shall be deemed to be terminated on the date on which such notice is gIven.

(5)

The performance of obligations and the payment of sums alleged by an excluded person or connected person to be owed by the Bank or the Finance Company to such excluded person or connected person shall be subject and subordinate to the prior payment by each of the Bank and the Finance

Company of all of its other indebtedness as of commencement.

(6)

The Controller may order any person he believes to be in possession or control of any asset owned by or secured in favour of either of the Bank or the Finance Company to deliver or re-deliver such asset to the Bank or, as the case may be, the Finance Company.

National Bank of Brunei Berhad;

National Finance Sendirian Berhad

Share capital etc.

Actions winding-up etc.