s 22 Acquisition or disposal of aggregate of five per centum holding
(1) Without prejudice to section 24, and subject to section 23, no person shall enter into any agreement or arrangement to acquire or dispose of any interest in the shares of the Bank by which, if the agreement or arrangement is carried out, he would— (a) acquire, together with any interests in the shares of the Bank which were then already held by him, or by him and by persons acting in concert with him; or (b) dispose, together with the interests in the shares previously disposed by him to any single person or any persons acting in concert, to such single person or such persons acting in concert, an aggregate interest in shares of not less than five per centum of the shares of the Bank, without obtaining the prior written approval of the Minister to enter into such agreement or arrangement: Provided that no such approval shall be granted in respect of any acquisition or disposal which would result in a contravention of section 24. (2) An application for approval under subsection (1) shall be made by the person intending to acquire or dispose of any interest in shares referred to therein and shall be submitted to the Minister. (3) No person who has obtained the approval of the Minister under subsection (1) to enter into an agreement or arrangement— (a) for the acquisition of any interest in the shares of the Bank, shall enter into any subsequent agreement or arrangement to acquire any interest in the shares of the Bank; or (b) for the disposal of any interest in the shares of the Bank to a single person or to persons acting in concert, shall enter into any subsequent agreement or arrangement with such single person or with one or more of such persons acting in concert, to dispose to him or to them, any interest in the shares of the Bank, regardless of the percentage of the shares of the Bank which such interest in the shares represents, without obtaining the prior written approval of the Minister to enter into such subsequent agreement or arrangement, and the provisions of subsection (2) shall apply to an application for approval under this subsection. (4) Any person who fails to comply with subsection (1) or (3) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.