Section 2
Interpretation
In this Act, unless the context otherwise requires -
"auditor" means any person approved by the Minister as a finance company auditor for the purposes of this Act;
"Authority" means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010
(S 103120 10);
[S 1 7/2 02 I]
"company" means a company incorporated or registered under the
Companies Act (Chapter 39);
"deposit" means a sum of money received or paid on terms -
(a)
under which it will be repaid, with or without interest. or at a premium or discount; or
(b)
under which it is repayable, either wholly or in part, with any consideration in money or money's worth, such repayment being either on demand or at a time or in such circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a loan. credit facility, advance,
8
Finance Con?panies investment, saving, sale or sale and repurchase, but does not include money paid bonafide -
(i)
by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired, or otherwise provided;
(ii)
by way of security for the performance of a contract or by way of security in respect of any loss •
which may result from the non-performance of a contract;
(iii)
without prejudice to sub-paragraph (ii), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise;
"deposi~or" means a person entitled. or prospectively entitled. to repayment of a deposit whether made by him or not;
"director" includes any person occupying the position of director of a finance company by whatever name called and includes a person in accordance with whose directions or instructions the directors of a finance company are accustomed to act and an alternate or substitute director;
"finance company" means any company licensed under this Act, to carry on financing business or Islamic financing business, and all branches and offices in Brunei Darussalam of such a company is deemed to be one finance company for the purpose of this Act:
"financing business" means the business of -
(a)
borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and a undertaking to repay the money on call or after an agreed maturity period;
(b)
lending money to the public or to a company on the basis that the public or the company undertakes to repay the money, whether within an agreed period of time or not, or by installments, and shall include the business of financing
Finance Companies
CAP. 89 9
hire-purchase transactions arising out of hire-purchase agreements. where the money used. or to be used. for such business is borrowed from the public:
"Islamic financing business" means financing business the aims and operations of which do not involve any element which is not approved by Hukum Syara ':
"Minister" means the Minister responsible for finance:
"public company" means a company incorporated in Brunei
Darussalam other than a private company.