Section 15: Offences

(1) Any director, manager, officer or employee of a bank who-
(a) knowingly, recklessly, negligently, wilfully or otherwise grants, approves the grant, or is otherwise connected with the grant or approval of a loan, an advance, a guarantee or any other credit facility or financial accommodation to any person-
(i) without adequate security or collateral, contrary to the accepted practice or the bank's regulations; or
(ii) with no security or collateral where such security or collateral is normally required in accordance with the bank's regulations; or
(iii) with a defective security or collateral; or
(iv) without perfecting, through his negligence or otherwise, a security or collateral obtained; or
(b) grants, approves the grant or is otherwise connected with the grant or approval of a loan, an advance, a guarantee or any other credit facility which is above his limit as laid down by law or any regulatory authority or the bank's regulations; or
(c) grants, approves the grant or is otherwise connected with the grant or approval of a loan, an advance, a guarantee or any other credit facility to any person in contravention of any law for the time being in force, any regulation, circular, or procedure as laid down, from time to time, by the regulatory authorities or by the bank; or
(d) receives or participates in sharing, for personal gratification, any money, profit, property or pecuniary benefit towards or after the procurement of a loan, an advance, a guarantee or any other credit facility from any person whether or not that person is a customer of the bank; or
(e) recklessly grants or approves a loan or an interest waiver where the borrower is known to have the ability to repay the loan and interest,
is guilty of an offence under this Act.
(2) A person who, being indebted to or being a customer of a bank, negligently, wilfully or recklessly-
(a) makes a statement, whether written or oral, or gives any information; or
(b) fills any form to a bank,
knowing it to be false, fake, non-existent or fictitious, with the intention of concealing his identity from the bank so as to avoid the repayment of a loan, an advance, a guarantee or any other credit facility granted him by the bank, is guilty of an offence under this Act.
(3) Where the person referred to in subsection (2) of this section is a body corporate, any of its directors, managers, officers, employees or partners who is responsible or is in any way connected with the doing of any of the acts referred to in that subsection is guilty of the same offence under this Act and liable on conviction to the same punishment.
(4) A person who fails to comply with an order of the Court under section 9 (2) of this Act for the payment of the loan and interest within the time specified in an order under that section is guilty of an offence.
[1995 No. 18.]