Section 48. Penalties on directors and managers. (Banking Act, 1973

Act 102
Banking Act, 1973
PART VII - MISCELLANEOUS

Section 48. Penalties on directors and managers.

(1) Any person who, being a director or manager of a licensed bank -

(a) fails to take all reasonable steps to secure compliance by the bank with the requirements of this Act and of the Central Bank of Malaysia Ordinance, 1958 [

61/58

] (hereafter in this section referred to as "the Ordinance"); or

(b) fails to take all reasonable steps to ensure the correctness of any statement submitted under the provisions of this Act or the Ordinance,

shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.

(2) In any proceedings against a person under subsection (1) it shall be a defence to prove that he has reasonable grounds to believe that another person was charged with the duty of securing compliance with the requirements of this Act or the Ordinance or with the duty of ensuring that the statements were accurate and that person competent and in a position to discharge that duty.

(3) A person shall not be sentenced to imprisonment for any offence under subsection (1) unless in the opinion of the Court, he committed the offence wilfully.