Section 6
Application for licence
(1)
As from the date of the coming into operation of this Act. any public company proposing to conduct financing business or Islamic financing business in Brunei Darussalam shall, before commencing any such business, apply in writing to the Authority for a licence under this Act.
(2)
In considering any application by a public company for a licence, the Authority may require to be satisfied as to -
(a)
the financial condition of the company;
(b)
the character of the management of the company;
(c)
the adequacy of the capital structure and earning prospects of the company;
(4 the objects of the company as disclosed in its memorandum of association;
Finance Companies
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(e)
the convenience and needs of the community to be served;
(f)
whether the public interest will be served by the granting of a licence; and
(g)
in the case of an Islamic financing business, that the finance company will comply with the doctrines of Islamic Religion, and that proper provision will be made in the finance company's constituting documents for the appointment of, and the provision of advice by, the appropriate Syariah advisory body.
(3)
The Authority may grant a licence with or without conditions, or refuse to grant a licence.
(4)
The Authority may at any time vary or revoke any existing conditions of a licence or impose additional conditions.
(5)
Where a licence is granted subject to conditions, the finance company shall comply with those conditions and any finance company that fails to comply with any conditions of its licence is guilty of an offence and liable on conviction to a fine of $2,000.