Takaful Order, 2008 · As enacted · Part IV
Section 67
Official textFrom Attorney General's Chambers, unchanged
The persons who may petition under the Companies Act (Chapter 39)
for the winding-up of a takaful operator or takaful broker registered under this
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;
Order or for the continuance of the winding-up of such a takaful operator or takaful broker subject to the supervision of the High Court, shall include the
takaful broker
"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
Minister.
The Minister may, in accordance with the provisions of the Companies
Act (Chapter 39), present a petition for the winding-up of a takaful operator or takaful broker registered under this Order if the takaful operator or takaful broker has contravened or failed to comply with any provision of this Order.
3030
The Minister shall be a party to any proceedings under the Companies
Act (Chapter 39) relating to the winding-up of such a takaful operator or takaful broker, and the liquidator in such a winding-up shall give him such information as he may require about the affairs of the takaful operator or takaful broker, as the case may be.
The Minister if he thinks fit, may support or oppose the petition.
( 5)
For the purposes of any proceedings under the Companies Act
(Chapter 39), for the winding-up of such a takaful operator by the High Court, the contingent and prospective liabilities of the takaful operator in respect of certificates shall, in determining whether it is unable to pay its debts, be estimated in accordance with such rules as may be prescribed, and evidence that the takaful operator was insolvent at the close of the last accounting period for which statements of account have been lodged with the Authority under section 60 shall be evidence that the takaful operator continues to be unable to pay its debts.
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;
In the winding-up of a takaful operator registered under this Order, section 249 of the Companies Act (Chapter 39) shall not apply to the valuation of liabilities in respect of certificates, but in any such winding-up, whether the takaful operator is insolvent or not, those liabilities shall be estimated in accordance with any prescribed rules or, as regards matters not fixed by the rules, on a basis approved by the Authority.
References in this section to a takaful operator registered under this
Order shall extend to a Brunei Darussalam takaful operator which has ceased to be so registered but remains under any liability in respect of Brunei Darussalam certificates.
Transfers of business
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;
takaful broker
Defined · s 2"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
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;