2015 B."-1-<I<JNG A!\lENDMENT No.12 after reaching his or her decision, notify the applicant, in writing, of the decision and of the reasons for it. (5) As soon as possible after a banking institution or controlling company becomes aware that a person holds its shares in contravention of subsection (1), the institution or company shall notify the Registrar, in writing, of that fact. ( 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 are 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 24:24] (No. 17 of2004). (7) This section shall not apply in respect of shares that are held temporarily (and in any event for not more than twelve months) by an underwriter pending their acquisition by other persons. 158 Acquisition of significant interest in banking institution or controlling company ( 1) In this section- "significant interest" means a percentage of(a) the share capital of a banking institution or controlling company; or (b) the voting rights of members of a banking institution or controlling company; which exceeds five per centum or more of the total share capital or voting rights of members, as the case may be, of the banking institution or controlling company. (2) No- (a) (b) person shall knowingly acquire a significant interest in a banking institution or controlling company; banking institution or controlling company shall permit any one person to acquire a significant interest in it; unless the Registrar, by written notice to the person and the banking institution or controlling company concerned, has given permission for the acquisition. (3) As soon as possible after becoming aware that a person has acquired or obtained a significant interest in a banking institution or controlling company, the institution or company concemed shall notify the Registrar, in writing, of that fact. (4) In any proceedings in which it is alleged that a person has contravened subsection (2), it shall be presumed, unless the contrary is proved, that the person had the knowledge referred to in that subsection. 213