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conviction to a fine not exceeding two thousand dollars or to imprisonment for a term not exceeding three months.

(2) Any person who knowingly acquires an interest in violation of this Part commits an offence and is liable on summary conviction to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding six months.

Non applicability of this Part to government or other persons 32. This Part shall not apply to the Government or to any person who at the commencement of this Act has acquired more than twenty per cent of the total voting rights of all the members of the local licensed financial institution, but no person shall without the consent of the Central Bank, acquire any additional shares which shall have the effect of increasing that person’s percentage of the voting rights.

33.

Variation of supervisory thresholds

The thresholds referred to in sections 20, 26 and 32 may be varied by the Central Bank.

Approval of application for licence by financial holding company 34. Where the Central Bank approves an application for licence for a financial holding company as required under section 36 it shall constitute approval for the purposes of section 20.

PART IV FINANCIAL HOLDING COMPANIES

Requirement for licensing of financial holding companies 35. (1) Where a licensed financial institution or proposed licensed financial institution is, or is about to become, a member of a corporate group in which: (a) one or more members, in addition to the licensed financial institution or proposed licensed financial institution, are limited in their activities to

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