No.12 BANKING AMEI'.'DMENf f~1ils 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 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 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; (b) and 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. 15F Restriction on right to control banking institution (1) No person other than- (a) (b) (c) a registered financial institution; or a body corporate which conducts business similar to that of a banking institution in a foreign country and which has been approved by the Registrar; or a registered controlling company; may exercise control over a registered banking institution. (2) For the purposes of subsection (1), a person shall be deemed to exercise control over a banking institution if- (a) where the person is a body corporate, the banking institution is its subsidiary; or (b) whether the person is an individual or a body corporate, the person together with any associates or close relatives(i) is entitled to exercise more than fifty per centum of the voting 1i.ghts in respect of any class of issued shares of the banking institution; or (ii) is entitled or has the power to determine the appointment of a majority of the directors of the banking institution; or (iii) holds shares in the banking institution whose total nominal value represents more than fifty per centum of the nominal value of all the issued shares of the banking institution unless, due to limitations on the voting rights attached to the shares, the person and any associates or close relatives, voting together, cannot decisively influence the outcome of the voting at any general meeting of the banking institution's shareholders. 217 2015