Section 10
of Bank Simpanan Nasional Berhad Act 1997
ActPendingProvision 10 of 93
Section 10
(1)
The Bank shall not establish or acquire any subsidiary in or outside Malaysia without the prior written consent of the Minister.
(2)
Where the Bank fails to comply with subsection (1), it shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit.
(3)
Where the Bank is guilty of an offence under subsection (2), any person who at the time of the commission of the offence was a person responsible for the Bank shall also be guilty of that offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.