Section 32
Memorandum and Articles of Association of finance company
(1)
Every company that was not carrying on financing business in
Brunei Darussalam before 1 st August 1973, being the date of the coming into operation of this Act shall, before it is granted a licence by the Authority to carry on financing business under this Act, include in its Memorandum of
Association or Articles of Association the restrictions, limitations and prohibitions contained in sections 1 8, 19,20,2 1 and 22.
(2)
Every company that -
(a)
has carried on financing business in Brunei Darussalam before 1st August 1973, being the date of the coming into operation of this Act; and
(6)
is licensed under this Act, but whose Memorandum of Association or Articles of Association does not include all or any of the restrictions, limitations or prohibitions contained in sections 18, 19, 20, 21 and 22, is deemed to have included in its
Memorandum of Association or Articles of Association all or any of such restrictions, limitations or prohibitions as are not so included.
•
(3)
To the extent that any such restriction, limitation or prohibition so deemed to have been included in the Memorandum of Association or
Articles of Association under subsection (2), is inconsistent with any provisions already included in the Memorandum of Association or Articles of Association. that restriction, limitation or prohibition shall prevail over such provision.
a
Finance Companies
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