Takaful Order, 2008 · As enacted
70. Schemes for transfer of business
Official textFrom Attorney General's Chambers, unchanged
( 1) The whole or part of the takaful business of a registered takaful operator may be transferred to another takaful operator registered in respect of the class or classes of business to be transferred, if the transfer is effected by a scheme under this section, but shall not be transferred except by such a scheme:
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
Provided that this subsection shall not apply to the transfer of any takaful business of a company incorporated or established outside Brunei Darussalam, except in so far as it relates to Brunei Darussalam certificates.
company
"company" means a company incorporated or registered under the Companies Act;
Any takaful operator, not being a company incorporated or established outside Brunei Darussalam, shall by virtue of this section have power to make such a transfer by a scheme under this section, and the directors shall have authority on behalf of the takaful operator to arrange for and do all things necessary to give effect to such a transfer; and this subsection shall apply notwithstanding the absence of that power or authority under the constitution of that takaful operator or any limitation imposed by its constitution on its powers or on the authority of its directors.
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;
A scheme under this section may provide for the business in question to be transferred to a body not registered as a takaful operator under this Order
(including a body not yet in existence) in respect of the relevant class of business, if the scheme is so framed as to operate only in the event of the body becoming so registered.
A scheme under this section for the transfer of any takaful business may extend to the transfer with it of any other business, not being takaful business, where the other business is carried on by the takaful operator as ancillary only to the takaful business transferred.
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A scheme under this section may include proviSion for matters incidental to the transfer thereby effected, and provision for giving effect to the transfer, and in particular -
{a) for any property, rights or liabilities of the transferor (including assets comprised in a deposit under this Order or in a takaful fund) to vest, by virtue of the scheme and without further or other assurance, in the transferee; and
takaful
"takaful" means a scheme in accordance to Hukum Syara' based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for the purpose;
{b) for the registration by the transferee of certificates transferred, for the amounts to be included in respect of those certificates in the transferee's takaful fund and for other matters arising under this Order out of the transfer.
A scheme under this section shall be of no effect unless confirmed by the High Court, but may be prepared and submitted for confirmation to the High
Court by any of the takaful operators concerned; and if so confirmed, the scheme shall have effect according to its tenor notwithstanding anything in the preceding sections of this Order and be binding on any person thereby affected.
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;
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
takaful
Defined · s 2"takaful" means a scheme in accordance to Hukum Syara' based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for the purpose;
takaful business
Defined · s 2"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
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;