Takaful Order, 2008 · As enacted · Part III
Section 42
Official textFrom Attorney General's Chambers, unchanged
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)
takaful operator
"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;
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
Authority
"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
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.
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.
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
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.
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.
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.
Terms defined in s 2
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
principal officer
Defined · s 2"principal officer" means a person, by whatever designation so called, appointed by a takaful operator and charged with the responsibility of managing the affairs of that takaful operator;
takaful operator
Defined · s 2"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;