Section 31
Section 31
(1)
Except with the permission of the Controller, no person resident in Brunei shall transfer to a person resident outside the scheduled territories, or who is to be a nominee for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Controller, any payment thereof to any other person -
(a)
he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order the payment is made; and
(b)
the payment shall, to the extent of the sums paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was entitled thereto only by virtue of a transfer prohibited by this subsection.
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(2)
Subsections (2) and (3) of section 21 shall apply in relation to any transfer prohibited by this section as they apply in relation to a transfer prohibited by this Act of a security.
(3)
In this section, the expression "nominee" has, in relation to any policy, annuity or insurance the same mean-ing as the said expression has in Part IV in relation to a security.
37 32.
(1)
Except with the permission of the Controller no Settlements person resident in Brunei shall settle any property, other-wise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside the scheduled territories, or shall exercise, other-wise than by will, any power of appointment, whether cre-ated by will or otherwise, in favour of a person who, at the time of the exercise of the power, is resident outside the scheduled territories.
(2)
A settlement or exercise of a power of appoint-ment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any in-terest on any person who, at the time of the settlement or the exercise of the power, is resident outside the scheduled territories.
(3)
Subsections (2) and (3) of section 21 shall apply in relation to a settlement or the exercise of a power of appointment prohibited by this section as they apply in rela-tion to a transfer prohibited by this Act of a security.
( 4) For the purpose of this section -
(a)
any reference to settling property includes a reference to the making of any disposition, cove-nant, agreement or arrangement whereby the property becomes subject to a trust or (in the case of a re-settlement) to a different trust;
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(b)
a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent, or falls within a limited class of persons in whose favour a discretion or power in respect of the property is exercisable; and
(c)
the expression "will" includes any tes-tamentary disposition.
companies 33.
(1)
Where there is served on any person resident in
Brunei a notice in writing that the Controller wishes any such requirements as are hereinafter mentioned to be com-plied with by any such body corporate as is specified in the
Second Schedule (hereafter in this subsection referred to as a "foreign company"), and that person can, by doing or refraining from doing any act -
(a)
cause the foreign company to comply with any of the requirements; or
(b)
remove any obstacle to the foreign company complying with any of the requirements; or
(c)
render it in any respect more probable that the foreign company will comply with any of the requirements, then, except so far as permission to the contrary may be given by the Controller, that person shall do, or, as the case may be, refrain from doing, that act.
The requirements with respect to which such a notice may be given are as follows, that is to say, that the foreign company shall -
(i)
furnish to the Controller such particulars as to its assets and business as may be mentioned in the notice;
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(ii)
sell or procure the sale to an authorised dealer of any gold or specified currency mentioned in the notice, being gold or specified currency which it is entitled to sell or of which it is entitled to procure the sale;
(iii)
declare and pay such dividend as may be men-tioned in the notice;
(iv)
realise any of its assets mentioned in the notice in such manner as may be so men-tioned; and
(v)
refrain from selling, transferring, or doing anything which affects its rights or powers in relation to any such securities as may be men-tioned in the notice.
(2)
Except with the permission of the Controller, no person resident in Brunei shall, do any act whereby a body corporate which is by any means controlled (whether direct-ly or indirectly) by persons resident in Brunei ceases to be controlled by persons resident in Brunei:
Provided that this subsection shall not prohibit any person from selling any securities authorised to be dealt in on any stock exchange approved by the Controller and within the scheduled territories if the sale takes place in pursuance of an agreement entered into in the ordinary course of business on that exchange.
(3)
Except with the permission of the Controller no person resident in Brunei shall lend any money or securities to any body corporate resident in the scheduled territories which is by any means controlled (whether directly or in-directly) by persons resident outside the scheduled territor-ies:
Provided that this subsection shall not apply where the lender after making such inquiries as are reasonable in the 39
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( 4) For the purposes of this section and of the
Second Schedule, persons resident in Brunei or outside the scheduled territories shall be deemed to control a body corporate notwithstanding that other persons are associated with them in the control thereof if they can together over-ride those other persons.
(5)
In this section the expression "security" includes a secondary security.