—(1) No remittance licence shall be granted to or renewed for any person, and no person shall continue to hold a remittance licence, unless the person —
is a company;
has a minimum capital of $100,000 or such other sum as may be prescribed by the Authority; and
has furnished and maintains with the Authority the security required under section 10.
(2) Any person who holds a remittance licence in contravention of the minimum capital requirement in subsection (1)(b) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.