No.12 BA!-<1(ING A~1ENTIMENT (5) If the Registrar refuses to cancel a controlling company's registration at the company's request, he or she shall, within ten days after reaching his or her decision, notify the company, in writing, of the decision and of the reasons for it. (6) \Vhere the registration of a controlling company has been cancelled in terms of this section, the company shall without delay relinquish its control over any banking institution, and shall comply with any directions the Registrar may give it for that purpose and, with respect to any divestment of shares required by such relinquishment, the provisions of section 15D(l) and (6) shall apply as if the Registrar had given the company the requisite notices of divestment in terms of those provisions on the day of the cancellation. (7) Subject to section 73, a controlling company whose registration is cancelled in terms of this section and which fails, within the first seven days of the period of one hundred and eighty-one days referred to in paragraph (c) below- (a) (b) to divest himself or herself of any shares in terms of subsection (6); or without just cause, to comply with any direction of the Registrar given in terms of subsection (6); shall(c) 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 company 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 (d) if the company continues to be in default after the period specified in paragraph (c), be guilty of an offence and liable on conviction to(i) a fine not exceeding level ten; and (ii) a fine not exceeding level ten or to imprisonment 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 governing body of the company. 15K Registration and cancellation of registration of controlling company to be notified in Gazette and in newspaper Whenever the Registrar registers a controlling company or cancels its registration in terms of this Part, he shall cause notice thereof to be published in the Gazette and in one or more issues of a newspaper circulating in the area in which the company's head office is situated.". 222 2015