(1) A credit bureau shall not, without first obtaining, the written approval of the Central Bank —
(a) transfer any licence granted to the credit bureau or reinstated under this Part; or
(b) sell, lease or transfer title of any of its credit files to another credit bureau licensed under this Act.
(2) A credit bureau who fails to comply with this section commits an offence and is liable, on summary conviction, to a fine $10 000; and in the case of a continuing offence is liable to a further fine of $2 000 for every day that the failure to comply continues after conviction.