Section 45

Every licensed bank whether incorporated in or outside the Federation shall, within three months after the making of any amendment or alteration in the memorandum of association and articles of association or other instrument under which it is incorporated furnish to the Minister through the Central Bank particulars in writing (verified by a statutory declaration made by a senior officer of the bank) of such amendment or alteration.

Any licensed bank which fails to comply with the requirements of subsection (1) or (2) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five hundred dollars for every day during which the default continues.