10 Dollars Coat of arms

The British North Borneo Chartered Company was one of the last functioning chartered trading companies with sovereign powers anywhere in the world by 1940 — an anachronism already being quietly wound down when this note was issued. Its currency continued to circulate until the Japanese occupation began in January 1942, after which all company notes were rendered worthless by military scrip.

The 1940-dated series represents the final prewar issue before the occupation ended company administration entirely. After liberation in 1945, British North Borneo became a Crown Colony and the company's monetary role was permanently extinguished.