12. Requirements on minimum capital funds or surplus of assets over liabilities

No person shall be granted a licence under section 10 or an approval under section 11 if—

Every authorized person shall, in carrying on its authorized business, maintain at all times such minimum amount applicable to it.

Notwithstanding subsections (1) and (2), the Minister may grant a licence under section 10 to a person subject to the condition that the person meets the minimum amount in the manner and within the period which are specified by the Bank with the approval of the

For the purposes of this section, “capital funds” means paid-up capital and any reserves as may be specified by the Bank.

Any authorized person who contravenes subsection (2) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.