Section 9
of International Banking Order, 2000
ORDERIn forceProvision 9 of 35
Section 9
(1)
Whenever, after a licence is granted, a material change occurs in the particulars which were contained or supplied in either case pursuant to section 4 in the application for the licence, the licensee shall, as soon as practicable, give notice in writing to the Authority specifying the nature and circumstances of the change.
(2)
A licensee which contravenes subsection (1) shall be guilty of an offence and liable on conviction to a fine not exceeding fifty thousand dollars and, in the case of a continuing offence, to a further fine not exceeding one thousand dollars for every day on which the offence continues after conviction.
Notification of becoming new or increased controller.