—(1) A company which desires authority to carry on banking business in Singapore shall apply in writing to the Authority for a licence under this section and shall supply —
a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;
a copy of the latest balance-sheet of the company; and
such other information as may be called for by the Authority.
(2) 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 —
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.
(3) Upon receiving an application under subsection (1), the Authority shall consider the application and may, subject to section 9 or 9A, as the case may be, grant a licence, with or without conditions, or refuse to grant a licence.
(4) The Authority may at any time vary or revoke any existing conditions of a licence or impose conditions or additional conditions thereto.
(5) The Authority shall, prior to any action under subsection (4) —
notify its intention to take that action to the bank concerned; and
give the bank an opportunity to submit reasons why the conditions of its licence should not be so varied or revoked.
(6) Where a licence is subject to conditions, the bank shall comply with those conditions.
(7) Any bank which fails to comply with any of the conditions of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues after conviction.