2015 BANKING Alv!ENDMENT No.12 any director, shareholder or principal officer of a banking institution (whether on his or her own behalf or on behalf of any of his or her close relatives or associates) who(i) receives any credit from the banking institution of which he or she is the director, shareholder or principal officer \Vhile knowing or not having a reasonable belief that the conditions for the extension of that credit in terms of subsection (3) have or have not been fully complied with (as the case maybe); or (ii) fails, within the stipulated period, to repay fully together with interest (at the concerned banking institution's prevailing lending rate) any credit under a contract or anangement voided by the Registrar under subsection (6); shall 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 dav the institution, director, shareholder or principal officer (as the case may be) remains in default, not exceeding a period of one hundred and eighty-one clays; and (c) if the institution, director, shareholder or principal officer (as the case may be) continues to be in default after the period specified in paragraph (a), be guilty of an offence and liable on conviction(i) in the case of a banking institutionA. to a fine not exceeding level ten; and B. to a fine not exceeding level seven or to imprisonment for a period not exceeding one year or to both such fine and such imprisonment in the case of every director or member of the board or goveming body of the institution; (ii) in the case of a director, shareholder or principal officer, 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. (8) In addition, and independently of the institution of any criminal or civil penalty proceedings under subsection (7), any property of any description obtained by means of an extension of credit made in contravention of subsection (2), (3) or (4), shall be deemed to be "tainted property" resulting from the conunission of a "serious offence" for the purposes of section SO ("Civil forfeiture orders") of the Money Laundering and Proceeds of Crime Act [Chapter 9:24] (No. 4of2013), and may be recovered at the instance of the Reserve Bank in proceedings instituted by it in ten11S of that section, as if the "Reserve Bank" were substituted for the "Attomey-General" or "Prosecutor-General" in that section. (b) (9) The income and any proceeds from the realisation of prope1iy in respect of which a comt has granted a civil forfeiture order in terms of subsection (8) shall be applied in the following sequence-(a) meeting the costs incurred by the Reserve Bank in obtaining the civil forfeiture order and the costs of any other proceedings instituted to establish a claim to the propetty or an interest in the property; and 239