National Bank of Brunei; National Finance Sendirian Berhad Act · 1999 Revised Edition
9. Continued useof property
Official textFrom Attorney General's Chambers, unchanged
If either the Bank or the Finance Company has
Bank
"Bank" means National Bank of Brunei Berhad, a company incorporated in Brunei Darussalam;
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
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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.
person
"person" includes an individual, body, company, corporation, sole trader, firm, joint venture, asso-ciation, trust, syndicate, group, organisation, entity or a partnership of all or any of the foregoing, in each case whether or not having separate legal personality;
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.
the Controller
"the Controller" means the person appointed by His Majesty the Sultan and Yang Di-Pertuan as Controller of the Bank and the Finance Company for the purposes of this Act;
, (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 -
Finance Company
"Finance Company" means National Finance Sendirian Berhad, a company incorporated in Brunei Darussalam;
to cause a loss to the Bank or, as the case may be, the Finance Company; or
to impose a liability on it greater than any benefit to it, and which, in the opinion of the Controller -
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
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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
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.
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.
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
excluded person
"excluded person" means any person whom the Controller may from time to time designate as an excluded person for the purposes hereof;
Company of all of its other indebtedness as of commencement.
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.
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National Bank of Brunei Berhad;
National Finance Sendirian Berhad
Share capital etc.
Actions winding-up etc.
Terms defined in s 2
Bank
Defined · s 2"Bank" means National Bank of Brunei Berhad, a company incorporated in Brunei Darussalam;
connected person
Defined · s 2"connected person" means any person whom the Controller shall determine or deem to be a connected person for the purposes of this Act and may include - the date of (a) any person who at any time prior to commencement controlled or was concerned with the control or the management of the business and/ or affairs of the Bank or the Finance Company whether directly or indirectly, in whole or in part, by operation of law, by contractual National Bank of Brunei Berhad; National Finance Sendirian Berhad right, by virtue of familial relationship, by arrangement (trust or other) or otherwise and irrespective of the manner in which such control or concern arose. or was exercised; (b) any person who has at any time had an interest in the share capital of the Bank or the Finance Company; (c) any person who at any time prior to commencement was a director, banker, auditor, legal or other adviser or employee of the Bank or the Finance Company; (d) any person who has at any time had or continues to have in his possession or under his control any asset belonging to or financed by the Bank or the Finance Company; (e) any person who upon commencement is indebted to the Bank or the Finance Company; (j) any person who has lent money to or deposited money with the Bank or the Finance Company, whether or not the same remains outstanding upon commencement; (g) any person whom the Controller believes to possess any knowledge or information relating to the business dealings, affairs or assets of the Bank or the Finance Company; (h) any relative of any person referred to in paragraph (a), (b), (c), (d), (e), (j) or (g); (i) any company (i) of which any person referred to in paragraph (a), (b), (c), (d), (e), (j), (g) or (h) is a director or officer; (ii) over which National Bank of Brunei Berhad; National Finance Sendirian Berhad…
excluded person
Defined · s 2"excluded person" means any person whom the Controller may from time to time designate as an excluded person for the purposes hereof;
Finance Company
Defined · s 2"Finance Company" means National Finance Sendirian Berhad, a company incorporated in Brunei Darussalam;
former officer
Defined · s 2"former officer" means (a) any person removed from office by section 5(2); and (b) any person who was accustomed to act or did act in accordance with the instructions of any person removed from office by section 5(2); and (c) any person in accordance with whose instructions any person removed from office by section 5(2) was National Bank of Brunei Berhad; National Finance Sendirian Berhad accustomed or did act; and (d) any other person who immediatelyprior to commencementwas an officerof the Bank or the Finance Company;
person
Defined · s 2"person" includes an individual, body, company, corporation, sole trader, firm, joint venture, asso-ciation, trust, syndicate, group, organisation, entity or a partnership of all or any of the foregoing, in each case whether or not having separate legal personality;
the Controller
Defined · s 2"the Controller" means the person appointed by His Majesty the Sultan and Yang Di-Pertuan as Controller of the Bank and the Finance Company for the purposes of this Act;