(1) Every bank having power to issue notes payable to bearer on demand shall obtain a licence from the Director of Finance and Planning, upon payment of the sum mentioned in the Schedule to this Act, authorising the issue of unstamped notes, which licence shall be in force for one year from the date thereof.
(2) Every manager or other person in charge of any bank not duly licensed to issue unstamped notes who shall issue or cause or permit to be issued any note not duly stamped shall, for every offence, incur a fine not exceeding $500.