Clause 4

by deleting subsection (2);

by inserting, immediately after subsection (4), the following subsection:“(4A) Without limiting the generality of subsections (3) and (4), the conditions that may be imposed include —

a condition as to the type of banking business that may be carried out; and

a condition placing limits on the banking business that may be carried out.”;

by inserting, immediately after subsection (7), the following subsections:“(8) A bank which desires to vary a condition referred to in subsection (4A) in its licence must apply to the Authority in writing, and the application must be accompanied by such information as the Authority may require.(9) An application under subsection (1) or (8) must be accompanied by a non‑refundable application fee of such amount as the Authority may, by notification in the Gazette, prescribe, which must be paid in the manner specified by the Authority.(10) Any person who furnishes any document or information in connection with an application under subsection (1) or (8), knowing or reckless that the document or information is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction —

in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or

in any other case, to a fine not exceeding $250,000.”; and

by inserting, immediately after the word “licence” in the section heading, the words “or variation of condition as to banking business”.