2015 BANKING AMENTIMENT (b) No.l2 any vote cast by him or her, or by any of his or her associates or close relatives, at a meeting of shareholders of the banking institution shall be void; any dividend payable on his or her shares in the banking institution shall not be paid to him or her but shall accrue to the banking institution. (14) Any person who, inm1ediately before the fixed date, was the director of a banking institution and a director of between three and seven other companies may continue in office as a director of the banking institution until the end of his or her current tem1, notwithstanding that he or she holds those other directorships. (15) Every banking institution which, immediately before the fixed date, did not have a compliance function, a risk and capital management committee, a compliance officer or an internal auditor shall, within three months after the fixed date(a) establish the committee or department referred to in section 28A of the principal Act; and (b) appoint a risk and capital management committee in terms of section 28B of the principal Act; and (c) appoint a compliance officer and an intemal auditor and notify the Registrar of their names and prescribed patticulars in terms of section 20 of the principal Act. (c) (16) Every person who, on the fixed date, is a director of a banking institution, shall make the disclosure required by section 20B of the principal Act within three months after the fixed date. (17) Every person who, immediately before the fixed date, canied on business as a credit reference bureau shall, within three months after the fixed date, apply in tenns of section 31 C of the principal Act for a licence and, until the Registrar has determined the application, may continue to carry on that business without a licence. (18) A banking institution or controlling company which maintains a special purpose vehicle formed before the fixed date shall, within two months after that date, apply to the Reserve Bank for permission in terms of section 32A of the p1incipal Act as atnended by this Act, and that section shall not apply to the special purpose vehicle pending the grant or refusal of such pennission. (19) Anything done or commenced under the Troubled Financial Institutions (Resolution) Act [Chapter 24:28] before its repeal by this Act which, immediately before the fixed date, had or was capable of having effect, shall continue to have or to be capable of having the same effect after that date as if it had been done or connnenced under the appropriate provision of the principal Act. 259