Takaful Order, 2008 · s 42

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42.
(1)
No takaful operator incorporated in Brunei Darussalam shall appoint a person as its managing director, director, chief executive or principal officer, and no takaful operator incorporated outside Brunei Darussalam or otherwise carrying on business outside Brunei Darussalam shall appoint a chief executive or principal officer for Brunei Darussalam, unless fa)
the takaful operator has served on the Authority a notice stating that the person it proposes to appoint fulfils the minimum criteria of "a fit and proper person" as may be prescribed; and
(b)
the Authority has, before the expiration of 3 months from the date of service of the notice, notified the takaful operator in writing that there is no objection to that person being appointed to that position or such period elapses without the Authority having served on the takaful operator a notice of objection in writing.
(2)
A notice under subsection {l)(a) shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.
(3)
The Authority may object to the person proposed to be appointed and serve notice thereof under subsection (1)fb) on the ground that it appears to him that such person is not "a fit and proper person" to be so appointed, but before serving such notice the Authority shall serve on the takaful operator and on the person a preliminary notice in writing stating -
fa)
that the Authority is considering the service on the takaful operator of a notice of objection on that ground; and
(b) that the takaful operator and that person may, within one month from the date of service of the preliminary notice, make representations in writing to the Authority.
(4)
The Authority shall not be obliged to disclose any particulars of the grounds on which he is considering the service of the notice of objection or on which he has served the notice of objection.
(5)
Where representations are made in accordance with this section, the
Authority shall take them into consideration in deciding whether to serve the notice of objection.
3013

Approval of person proposing to become controller of takaful operator where section 42(1)
does not apply.

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s 42

(1)

No takaful operator incorporated in Brunei Darussalam shall appoint a person as its managing director, director, chief executive or principal officer, and no takaful operator incorporated outside Brunei Darussalam or otherwise carrying on business outside Brunei Darussalam shall appoint a chief executive or principal officer for Brunei Darussalam, unless fa)

the takaful operator has served on the Authority a notice stating that the person it proposes to appoint fulfils the minimum criteria of "a fit and proper person" as may be prescribed; and

(b)

the Authority has, before the expiration of 3 months from the date of service of the notice, notified the takaful operator in writing that there is no objection to that person being appointed to that position or such period elapses without the Authority having served on the takaful operator a notice of objection in writing.

(2)

A notice under subsection {l)(a) shall contain a statement signed by the person proposed to be appointed that it is served with his knowledge and consent.

(3)

The Authority may object to the person proposed to be appointed and serve notice thereof under subsection (1)fb) on the ground that it appears to him that such person is not "a fit and proper person" to be so appointed, but before serving such notice the Authority shall serve on the takaful operator and on the person a preliminary notice in writing stating -

fa)

that the Authority is considering the service on the takaful operator of a notice of objection on that ground; and

(b)

that the takaful operator and that person may, within one month from the date of service of the preliminary notice, make representations in writing to the Authority.

(4)

The Authority shall not be obliged to disclose any particulars of the grounds on which he is considering the service of the notice of objection or on which he has served the notice of objection.

(5)

Where representations are made in accordance with this section, the

Authority shall take them into consideration in deciding whether to serve the notice of objection.

3013

Approval of person proposing to become controller of takaful operator where section 42(1)

does not apply.