No.l2 BANKING AMG'IDMENT (b) (c) repaying to the banking institution concerned the credit that was extended in contravention of subsection (2), (3) or (4), together with interest at the banking institution's prevailing lending rate; and any amount remaining after application of the amounts referred to in paragraphs (a) and (b) shall form part of the Recovered Assets Fund established by section 96 of the Money Laundering and Proceeds of Crime Act [Chapter 9:24] (No. 4 of 2013). ( 10) Until the maximum amount of creditthatmay be extended to insiders is prescribed for the purposes of this section, no banking institution shall extend credit to any insider, and any extension of such credit shall be deemed to be an extension of credit to insiders in contravention of subsection (2), (3) or (4).". 24 Repeal of section 39 of Cap. 24:20 Section 39 of the principal Act is repealed. 25 Amendment of section 40 of Cap. 24:20 Section 40 ("Audit committees") of the principal Act is amended(a) by the repeal of subsection (2) and the substitution of- (b) 26 "(2) No executive director, officer or employee of the banking institution concemed shall be appointed to the audit committee of a banking institution."; in subsection (3) by the insertion after paragraph (c) of the following paragraph"and (f) toappointthe banking institution's intemal auditor and to oversee the discharge of the internal audit function.". Amendment of section 45 of Cap. 24:20 Section 45 ("Responsibilities of Reserve Bank") of the principal Act is amended(a) in subsection (1)- (b) (c) (i) in paragraph (a) by the deletion of "and associates of banking institutions" and the substitution of", controlling companies and associates of banking institutions and controlling companies,"; (ii) in paragraph (b) by the deletion of ''or class of such institutions" and the substitution of "or controlling company or class of such institutions or companies"; in subsection (2) by the insertion in paragraph (b) by the insertion after "institutions" of "or companies"; by the insertion after subsection (2) of the following subsection"(3) Section 4B shall apply, with any necessary changes, to the Reserve Bank in the exercise of its fm1ctions under tlus Act.". 27 Amendment of section 47 of Cap. 24:20 Section 47 ("Powers of supervisors") of the principal Act is amended by the repeal of subsection (4) and the substitution of240 2015