2015 BANKING AMENDMEl'<1 No.12 (a) allot or issue any of its shares to, or register any of its shares in the name of, any person other than the intended beneficial shareholder; or (b) transfer any of its shares in the name of a person other than the beneficial shareholder. (2) Subsection (1) shall not affect the allotment or issue, or the registration of the transfer, of shares in a banking institution or controlling company in the name of(a) (b) (c) (d) a manager or trustee of a collective investment scheme registered in terms of the Collective Investment Schemes Act [Chapter 24:19] (No. 25 of 1997); or an executor of a deceased estate, a trustee of an insolvent estate or the liquidator of a company in liquidation; or a curator or guardian of a person under a disability; or (e) a holder of a licence issued in tenns of Part V oft he Securities and Exchange Act [Chapter 24:25] (No. 17 of 2004); or a central securities depository established in terms of Pmt IX of the Securities and Exchange Act [Chapter 24:25] (No. 17 of 2004); or (f) such other persons as may be prescribed. (3) A banking institution or controlling company may, and if so directed by the Registrar shall, request any person to whom it is about to allot, issue or transfer any of its shares to furnish it with such information as the banking institution or controlling company may require to enable it to comply with subsection ( 1), and if the person fails or refuses within a reasonable time to comply with the request the banking institution or controlling company shall not allot, issue or transfer the shares to him or her. (4) If a banking institution or controlling company has reason to believe that any of its shares are held in the name of a person other than the beneficial shmeholder or a person referred to in subsection (2), the banking institution or controlling company may request the person to provide it with such information as will identify the beneficial shareholder and additionally, or alternatively, the capacity in which the person holds the shares, and the person shall without delay comply with the request. 150 Effect of shareholding in contravention of this Part ( 1) Where a share in a banking institution or controlling company(a) is held by a person in contravention of section 15A or 15B; or (b) has been allotted, issued or transferred to a person, or registered in a person's name, in contravention of section 15C(1); then- (c) (d) no person shall, either personally or by proxy, cast a vote attached to the share nor shall any person receive a dividend payable on the share; and the Registrar may, subject to this section, require the person to divest himself or herself of the share. 215