Section 52
of International Business Companies Order, 2000
Section 52
(1)
If, in pursuance or purported pursuance of legislative or similar authority outside Brunei Darussalam, a government or other body –
(a)
by or in connection with a nationalisation, expropriation, confiscation, coercion, force or duress, or similar action; or
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
57
BLUV as at 20th June 2017
(b)
by or in connection with the imposition of any confiscatory tax, assessment or other governmental or similar charge, takes or seizes any securities or other interest in an IBC, the IBC itself or a person holding securities or any other interest in the IBC (including an interest as creditor), may apply to the
Court for an order that the IBC disregard the taking or seizure and continue to treat the person who, but for the taking or seizure, would have held the securities or other interest as continuing to hold them.
(2)
Without prejudice to subsection (1), where a person whose securities or other interests have been taken or seized as mentioned in that subsection is other than a natural person, the applicant under subsection (1) or (if it is not the applicant) the IBC may apply to the Court for an additional order for the IBC to treat the persons believed by the IBC to have held the direct or indirect beneficial interest in the securities or other interests as the holder of them.
(3)
On an application under subsection (1) or (2), the Court may grant such relief as it considers equitable and proper; and, if the Court thinks it appropriate, that relief may include the making of an order that the securities or other interests in the IBC vest in such trustees as the Court may appoint upon such trusts and for such purposes as the Court may determine.
Provision of financial assistance.