Section 33
Disqualification of directors or officers of finance company
(1)
Without prejudice to anything contained in the Companies Act
(Chapter 39), no person shall be appointed or elected, or accept appointment or election, as a director, manager. secretary or other officer concerned in the management of a finance company -
(a)
if he becomes bankrupt, suspends payments or compounds with his creditors, whether within or outside Brunei Darussalam;
(b)
if a charge for a criminal offence relating to dishonesty, fraud or violence has been proved against him in any court within or outside Brunei Darussalan~:
(c)
if there has been made against him any order of detention, supervision. restricted residence, banishment or deportation, or if there has been imposed on him any form of restriction or supervision by bond or otherwise, under any law relating to prevention of crime.
or to preventive detention for prevention of crime or drug trafficking, or to restricted residence, or to banishment or immigration: or
(d)
if he has been director of, or directly concerned in the management of, any corporation which is being or has been wound up by a court or other authority competent to do so within or outside
Brunei Darussalam, or of any finance company, the licence of which has been revoked under this Act.
(2)
Except with the approval of the Authority, no person who is subject to the disqualification under subsection (l)(d) may -
(a)
be appointed or elected, or accept appointment or election;
or
(b)
notwithstanding anything in subsection (3), continue in his office, as a director, manager, secretary, or other officer concerned in the management of any finance company.
(3)
Where a person who is a director, manager, secretary, or the officer concerned in the management of a finance company, becomes subject to any of the disqualifications mentioned in subsection (I), he shall
B. L.R.O. 6,,3031
36
Finance Conzpanies immediately cease to hold office, and the finance company shall immediately terminate his appointment in such capacity.
(4)
Whilst criminal proceedings are pending in any court for any offence as is referred to in subsection (l)(b) against any person who is a director, manager, secretary, or other officer concerned in the management of a finance company, such person shall not act in such capacity, or hold any other office, or act in any other capacity, in that finance company, or in any manner. whether directly or indirectly be concerned with, or take part or engage in, any activity, affairs or business whatsoever of or in relation to that finance company, except as may be authorised by the Authority, subject to such conditions as it may impose.
(5)
For the purpose of subsection (4), criminal proceedings referred to therein are deemed to be pending from the date that the accused person was first charged in court for the offence until the date of the final conclusion of the proceedings, whether in the court of original jurisdiction or, in the event of any appeal by any party, in the court of final appellate jurisdiction.
(6)
Any person who contravenes subsections (1) to (4) is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and imprisonment for a term not exceeding 5 years or both.