19. Notification of controller etc. by Islamic bank

(1)

At least once in each year, every Islamic bank shall give to the

Authority written notice of the name of every person who, to the knowledge of the Islamic bank, is, at the date of the notice, a controller of the

Islamic bank.

(2)

In relation to each person named in a notice under subsection (1) as a controller of an Islamic bank, the Islamic bank shall state to the best of its knowledge —

(a)

whether he is an indirect, 10 per cent, 20 per cent,

33 per cent or majority controller (as defined in Part 2 of Schedule 1);

(b)

what percentage of shares of the Islamic bank he holds, either alone or with any associate; and

(c)

what percentage of the voting power at a general meeting of the Islamic bank he is entitled to exercise, or control the exercise of, either alone or with any associate.

(3)

The Authority may at any time by notice in writing require an

Islamic bank —

(a)

to give such a notice as is referred to in subsection (1); or

(b)

to obtain from any shareholder of the Islamic bank and to transmit to the Authority information —

(i)

as to whether that shareholder holds voting shares in the

Islamic bank as beneficial owner or as trustee; and

(ii)

if he holds them as trustee, to indicate as far as he can the person for whom he holds them (either by name or

Islamic Banking by other particulars sufficient to enable those persons to be identified) and the nature of their interest.

(4)

An Islamic bank which fails to comply with subsection (1) or (3)

is guilty of an offence and liable on conviction to a fine not exceeding $20,000.

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