No.12 2015 officers of a banking institution from fumishing to the Registrar the infonnation referred to in subsection (lf), and no banking institution (or controlling company of such institution) shall dismiss or in any other way penalise the chief financial officer or any principal officer for furnishing such infmmation. ( lh) Subject to section 73, a banking institution or controlling company that(a) contravenes subsection (la); or (b) fails, through its chief financial officer, to comply with subsection (lf); or (c) dismisses or in any other way penalises the chief financial officer or any principal officer for furnishing the information required under subsection (lf); or shall(d) be liable for a civil penalty of fifty United States dollars (or the maximum monetary figure specified from time to time for level four, whichever is the lesser amount) for each day the institution or company remains in default (which default shall, in the case of a contravention refen·ed to in paragraph (c), be calculated from the date of the dismissal of or other penalty imposed upon the chief financial officer or principal officer, and be deemed to continue until such action is reversed), not exceeding a period of one hundred and eighty-one days: Provided that the Registrar shall have power to waive the payment or refund the whole or part of any penalty prescribed under this paragraph if he or she is satisfied that the contravention was not wilful, or not due to the want of reasonable care; and (e) if the institution or company continues to be in default after the petiod specified in paragraph (d), be guilty of an offence and liable on conviction to(i) a fine not exceeding level ten; and (ii) (b) a fine not exceeding level ten or to imptisonment for a period not exceeding six months or to both such fine and such imprisonment in the case of every director or member of the board or goveming body of the institution or company."; by the repeal of subsections (2) and (3) and the substitution of the following subsections"(2) Not fewer than two and not more than two-fifths of the directors of a banking institution or controlling company shall be officers or employees of the institution or company and, of the remainder, the majority shall be non-executive and independent. (3) The chairperson of the board of a banking institution or controlling company shall be a non-executi \'e and independent director. (3a) The chairperson of every committee of the board of a banking institution or controlling company, other than a committee with executive functions, shall be a non-executive and independent director.". 224