34 (8) For the purposes of subsections (5), (6) and (7), a person who is a director, secretary or officer of a financial institution at the commencement of the administration thereof shall be deemed to be a director, secretary or officer during the administration thereof notwithstanding that his or her duties may have ceased or that he or she is no longer gainfully employed by the institution or by its administrator on its behalf. (9) Any person who falsely holds himself or herself out to be an administrator, assistant administrator or a member of an interim board shall be guilty of an offence and liable to a fine not exceeding level ten or to imprisonment for a period not exceeding five years or to both such fine and such imprisonment. 42 Regulations (1) Subject to subsection (2), the Minister may make regulations providing for all matters which by this Act are required or permitted to be prescribed or which, in his or her opinion, are necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) Regulations in terms of subsection (1) may provide penalties for contraventions thereof: Provided that no such penalty shall exceed a fine of level eight or imprisonment for a period of six months or both such fine and such imprisonment. 43 Cap. 14:28 not to apply The Competition Act [Chapter 14:28] shall not apply to any amalgamation, merger or transfer of any financial institution carried out in accordance with this Act. _____________________________________________________________________