Section 11
of International Banking Order, 2000
ORDERIn forceProvision 11 of 35
Section 11
(1)
A person shall be guilty of an offence if he knowingly contravenes section 10 by –
(a)
failing to seek the consent of the Authority or, as the case may be, failing to serve notice on the Authority as required by that section; or
(b)
becoming a controller of a description falling within that section without the consent of the Authority under section 10(1) or notifying the
Authority in accordance with section 10(2).
(2)
A person guilty of an offence under subsection (1) shall be liable on conviction to a fine not exceeding one hundred thousand dollars and to imprisonment for a term not exceeding two years.
Notification of controllers, etc., by licensee.