Banking Act · s 93

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s 93Receiving, taking or acceptance of deposits prohibited, except under and in accordance with licence granted under section 4

(1)

Subject to section 96, no person shall receive, take or accept deposits except under and in accordance with a licence granted under section 4(1) to carry on banking business.

Banking 86

(2)

Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both, and in the case of a continuing offence, to a further fine not exceeding $100,000 for every day during which the offence continues after conviction.