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.

Terms defined in s 2

Part 7

Reserve Funds, Dividends, Balance Sheets and Information

Prohibited Business

Minimum Assets Requirements

Powers of Control Over Islamic Banks

Overseas Branches and Representative Offices of Domestic Islamic Banks

Unclaimed Balances

Invitations to Make Deposits

General

Schedules