Section 12

any proceedings or claims instituted or made against the terminal licensee which might have an adverse effect on his financial condition or on his ability to perform any condition under the licence;

any reprimands or fines imposed on the terminal licensee under any written law; and

any change in control of the terminal licensee.

For the purposes of this section, “control” in relation to a terminal licensee, means having the power, directly or indirectly, to direct the management and policy of the terminal licensee.

A terminal licensee who fails to comply with subsection (1)

commits an offence and shall, on conviction, be liable to a fine of not less than one thousand ringgit but not more than ten thousand ringgit or to imprisonment for a term not exceeding six months or to both.

Chapter 2A

Licensing of intermediation business

Licensing of intermediation business