Section 70
Section 70
(1)
The whole or part of the takaful business of a registered takaful operator may be transferred to another takaful operator registered in respect of the class or classes of business to be transferred, if the transfer is effected by a scheme under this section, but shall not be transferred except by such a scheme:
Provided that this subsection shall not apply to the transfer of any takaful business of a company incorporated or established outside Brunei Darussalam, except in so far as it relates to Brunei Darussalam certificates.
(2)
Any takaful operator, not being a company incorporated or established outside
Brunei Darussalam, shall by virtue of this section have power to make such a transfer by a scheme under this section, and the directors shall have authority on behalf of the takaful operator to arrange for and do all things necessary to give effect to such a transfer; and this subsection shall apply notwithstanding the absence of that power or authority under the constitution of that takaful operator or any limitation imposed by its constitution on its powers or on the authority of its directors.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
67
BLUV as at 14th January 2016
(3)
A scheme under this section may provide for the business in question to be transferred to a body not registered as a takaful operator under this Order (including a body not yet in existence) in respect of the relevant class of business, if the scheme is so framed as to operate only in the event of the body becoming so registered.
(4)
A scheme under this section for the transfer of any takaful business may extend to the transfer with it of any other business, not being takaful business, where the other business is carried on by the takaful operator as ancillary only to the takaful business transferred.
(5)
A scheme under this section may include provision for matters incidental to the transfer thereby effected, and provision for giving effect to the transfer, and in particular –
(a)
for any property, rights or liabilities of the transferor (including assets comprised in a deposit under this Order or in a takaful fund) to vest, by virtue of the scheme and without further or other assurance, in the transferee; and
(b)
for the registration by the transferee of certificates transferred, for the amounts to be included in respect of those certificates in the transferee’s takaful fund and for other matters arising under this Order out of the transfer.
(6)
A scheme under this section shall be of no effect unless confirmed by the High
Court, but may be prepared and submitted for confirmation to the High Court by any of the takaful operators concerned; and if so confirmed, the scheme shall have effect according to its tenor notwithstanding anything in the preceding sections of this Order and be binding on any person thereby affected.
Confirmation of schemes.