No.12 BA!-<'KING AMEND1v!EN"I' (5) If, on application being made, the Registrar refuses to approve the acquisition by any person of a significant interest in a banking institution, the Registrar shall, within ten days after reaching his or her decision, notify the applicant, in writing, of the decision and of the reasons for it. (6) For the purposes of this section, shares in a banking institution or controlling company which are held by(a) an individual shall be deemed to include any shares in the same banking institution or controlling company which arc held by a close relative of the individual; (b) a body corporate shall be deemed to include any shares in the same banking institution or controlling company which are held by an associate of the body corporate: Provided that this subsection shall not apply to shares purchased by the close relative or associate through a securities exchange registered under the Securities and Exchange Act [Chapter 24:25]. (7) If a dividend is paid to or received by a person on any share that is held by him or her in contravention of section 15A or 15B, or on any share that has been allotted, issued or transferred to the person or registered in his or her name in contravention of section 15C(l), such dividend shall, if not returned by the person concerned, constitute a debt due to the banking institution or controlling company concerned, and shall. at any time after it becomes due, be recoverable in a court of competent jurisdiction by proceedings in the name of the banking institution or controlling company. (8) Subject to section 73, a shareholder who is required to divest himself or herself of any shares in terms of subsection (5) and who fails without just cause to comply with the requirement within the first seven days of the period of one hundred and eighty-one days referred to in paragraph (a) below, shall(a) be liable for a civil penalty of fifty C nited States dollars (or the maximum monetary figure specified from time to time for level four, whichever is the lesser amount) for each day the shareholder remains in default, 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 (b) if the shareholder continues to be in default after the period specified in paragraph (a), be guilty of an offence and liable on conviction to a fine not exceeding level ten or to imprisonment for a period not exceeding six months or to both such fine and such imprisonment. 15C Nominee shareholding (1) Subject to subsection (2), no banking institution or controlling company shall214 2015