Malaysia legislation
Section 3
Section 3
(2)
A corporation which desires authority to carry on banking business in the Federation shall apply in writing through the Central Bank to the Minister for a licence under this section and shall supply—
(a)
a copy of the memorandum of association and articles of association or other instrument under which the corporation is incorporated, duly verified by a statutory declaration made by a senior officer of the corporation;
(b)
a copy of the latest audited balance sheet of the corporation; and
(c)
such other information as may be called upon by the Minister.
(3)
Upon receiving an application under subsection (2) the Central Bank shall consider the application and make a recommendation to the Minister stating whether a licence should be granted or not and the conditions (if any) to be attached to the licence.
(4)
Upon receiving an application under subsection (2) and the recommendation of the Central Bank under subsection (3), the Minister may, subject to the provisions of section 4, grant a licence, with or without conditions, or refuse a licence.
(5)
Any person who contravenes 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 or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.