2015 BANXING A~HO!\'DMENT No. 12 the institution or 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 institution or 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 fourteen; and (ii) a fine not exceeding level fourteen 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 institution or company. (4) While a director of a banking institution or a controlling company is in default of his or her obligations under subsection (1)(a) (b) 14 the director shall not be entitled to any remuneration, allowance or benefit accming to hlm or her as a director; and anything done by hlm or her in his or her capacity as director shall be voidable at the instance of the institution or company.". Amendment of section 24 of Cap. 24:20 Section 24 ("Alteration of constitution or mles of conduct by banking institution") of the principal Act is amended by the insertion after subsection (4) of the following subsection"(4a) As soon as reasonably possible after consenting to an alteration in terms of subsection (1) or receiving notification of an alteration in terms of subsection (4), the Registrar shall inform the Deposit Protection Corporation.". 15 Amendment of section 25 of Cap. 24:20 Section 25 ("Amalgamations and transfers of business") of the principal Act is amended(a) in subsection (S) by the deletion of "and any views expressed by the Deposit Protection Corporation"; (b) by the insertion after subsection (9) of the following subsection"( 10) As soon as reasonably possible after receiving notification of an amalgamation or transfer in terms of subsection (9), the Registrar shall inform the Deposit Protection Corporation.". 16 New section substituted for section 26 of Cap. 24:20 Section26 of the principal Act is repealed and the following section is substituted"26 Closing and establishment of branches in Zimbabwe by banking institutions (I) In this section- 229