Cap. 10:31 PuBuc El'<'TJTIES CoRPORATE GovERNANCE No. 4/2018 (a) extend any loan or credit to; or (b) enter into or facilitate any transaction whose net effect is substantially similar to extending a loan or credit to; a senior staff member of the entity or to an associate of a senior staff member, except in such circumstances, and on such tenns and conditions, as are permitted by conditions of service that are applicable to the member and to all other employees of the entity. (5) Any- (a) board member of a public entity who knowingly authorises a loan, extension of credit or transaction in contravention of subsection (4); or (b) senior staff member who knowingly accepts, on his or her own behalf or on behalf of an associate, a loan, extension of credit or transaction in contravention of subsection (4); shall be guilty of an offence and liable to a fine not exceeding level ten or to imprisonment for a period not exceeding one year or to both such fine and such imprisonment. (6) In addition and independently of the institution of any criminal or civil penalty proceedings, any propetty of any description obtained by means of an extension of credit, or a loan, or any other such transaction whose net effect is substantially similar to an extension of credit or a loan, made in contravention of this section, shall be deemed to be "tainted property" resulting from the commission of a "serious offence,. tor the purposes of section 80 ("Civil forfeiture orders') of the Money Laundering and Proceeds of Crime Act [Chapter 9:24] (No. 4 of 2013), and may be recovered at the instance of the Attorney-General or Prosecutor-General in terms of that section. (7) 'Unless prompt voluntary reimbursement is made of any remuneration, allmvance, benefit or payment resulting from a contravention of subsection (3) or (4), without prejudice to any other remedies that may be available in tem1s of this Act, the recipient shall be subject to a surcharge levied in accordance vvith the Third Schedule for the recovery of the amount he or she was paid or benefited from the contravention. 21 Restriction on terminal benefits payable to executive members and senior staff of public entities (1) Subject to this section, no public entity shall pay any amount by way of a gratuity or other terminal benefit to a former executive member or senior staff member in respect of his or her service on the entity's board or the entity, unless the proposed amount has been notified to the line ~vlinister and the Minister responsible for finance and approved or ratified by shareholders or stakeholders at the annual meeting of the public entity concerned that is convened in terms of section33(3): Provided that, where the amount is paid in accordance with a scheme or anangement that has been approved by the line Minister and the lv1inister responsible for finance, such approval need not be obtained for the payment of that particular amount. (2) Unless prompt voluntary reimbursement is made of any amount resulting from a contravention of subsection (1), the recipient concerned shall be subjected to a surcharge levied in accordance with the Third Schedule for the reimbursable amount. 93