Clause 4

Section 7 of the Banking Act is amended by inserting, immediately after subsection (1), the following subsection:“(1A) Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1) shall be guilty of an offence and shall be liable on conviction to imprisonment for a term not exceeding 3 years or to a fine not exceeding $50,000 or to both.”.