Islamic Banking Act · s 20

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s 20Amendment of constitution of Islamic bank

(1)

Every Islamic bank shall, prior to the making of any amendment or alteration in the

Memorandum of

Association or

Articles of Association or other instrument under which an Islamic bank is incorporated or constituted, furnish to the Authority particulars in writing of the proposed amendment.

(2)

Every Islamic bank, within 3 months of the making of any amendment or alteration in the Memorandum of Association or Articles of Association or other instrument under which it is incorporated or constituted shall furnish to the Authority particulars in writing (verified by statutory declaration made by a senior officer of the Islamic bank) of the alteration.

(3)

An Islamic bank which contravenes subsection (1) or (2)

is guilty of an offence and liable on conviction to a fine not exceeding $30,000 and, in the case of a continuing offence, to a further fine not exceeding $3,000 for every day during which the offence continues after conviction.