Section 20 — BANKING ACT 1973

(a)

exhibit in a conspicuous position in every office or place of business in the Federation—

(i)

a copy each of its latest audited annual balance sheet, profit and loss account, together with any note thereon, and the report of the auditor;

(ii)

the full names of all its directors; and

(iii)

the names of all subsidiaries for the time being of the bank;

(b)

publish within fourteen days of the laying of its accounts at its annual general meeting in at least two daily newspapers published in the Federation and approved by the Central Bank, one in the National Language and one in English a copy each of its latest audited annual balance sheet, profit and loss account, together with any note thereon, and the report of the auditor; and

(c)

within six months after the close of each financial year or such further period as the Central Bank may approve, forward to the Central Bank—

(i)

two copies each of its latest audited annual balance sheet, profit and loss account, together with any note thereon, and the reports of the auditor and the directors;

(ii)

in the case of a licensed bank incorporated in the Federation with branches outside the Federation, two copies each of its latest audited annual balance sheet and profit and loss account in respect of its operations in the Federation, and two copies each of its latest audited annual balance sheet and profit and loss account in respect of its operations in each country outside the Federation; and

(iii)

in the case of a licensed bank incorporated outside the Federation, two copies each of its latest audited annual balance sheet and profit and loss account in respect of its operations in the Federation.

(2)

The form and content of the balance sheet, profit and loss account and the report of the directors shall be as approved by the Central Bank:

Provided that this subsection shall not apply to those documents referred to—

(a)

in paragraph (c) (i) of subsection (1) in respect of a licensed bank incorporated outside the Federation; and

(b)

in paragraph (c) (ii) of subsection (1) in respect of operations in each country outside the Federation.

(3)

The Central Bank may require any licensed bank to submit such further or additional information as it may deem necessary either by way of explanation, amplification or otherwise with regard to the balance sheets and profit and loss accounts forwarded by that bank under paragraph (c) of subsection (1) and that information shall be submitted within such period and in such manner as the Central Bank may require.

(4)

Any licensed bank which fails to comply with the provisions of this section shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five thousand dollars.