Islamic Banking Act · s 16

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16.
Contravention of section 14
(1) Subject to subsection (2), a person is guilty of an offence if —
(a) before the end of the period mentioned in section 14(1)(a) he becomes a controller of a description falling within that subsection;

Islamic Banking
(b) he contravenes section 14 by becoming a controller of any description after having been served with a notice of objection of his becoming a controller of that description; or
(c) having become a controller of any description in contravention of section 14 (whether before or after being served with a notice of objection) he continues to be such a controller after such a notice has been served on him.
(2) A person is not guilty of an offence under subsection (1) if he shows that he did not know the acts or circumstances by virtue of which he became a controller of the relevant description; but where a person becomes a controller of any such description without such knowledge and subsequently becomes aware of the fact that he has become a controller, he is guilty of an offence unless, within 14 days of becoming aware of the fact, he gives the Authority a written notice of it.
(3) Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000, imprisonment for a term not exceeding 3 years or both.

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s 16Contravention of section 14

(1)

Subject to subsection (2), a person is guilty of an offence if —

(a)

before the end of the period mentioned in section 14(1)(a) he becomes a controller of a description falling within that subsection;

Islamic Banking

(b)

he contravenes section 14 by becoming a controller of any description after having been served with a notice of objection of his becoming a controller of that description; or

(c)

having become a controller of any description in contravention of section 14 (whether before or after being served with a notice of objection) he continues to be such a controller after such a notice has been served on him.

(2)

A person is not guilty of an offence under subsection (1) if he shows that he did not know the acts or circumstances by virtue of which he became a controller of the relevant description; but where a person becomes a controller of any such description without such knowledge and subsequently becomes aware of the fact that he has become a controller, he is guilty of an offence unless, within 14 days of becoming aware of the fact, he gives the Authority a written notice of it.

(3)

Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000, imprisonment for a term not exceeding 3 years or both.