18. Replacement of section 35 of the principal enactment

Section 35 of the principal enactment is hereby repealed and the following is substituted therefor:-

35. Every licensed commercial bank shall maintain accounts and records and prepare financial statements in accordance with applicable accounting standards. The financial statements of a licensed commercial bank shall represent a true and accurate assessment of the bank’s affairs and reflect its operations and financial condition both on a solo and consolidated basis.”.

“Payment of dividends

“Central

Bank to designate foreign currency to be used in offshore banking business

“Preparation of financial statements by licensed commercial banks