No.l2 BAl\'KlNG Ai\lli'\;'DMEN! by \Vritten notice to the shareholder and the banking institution concerned, require the shareholder to divest himself or herself of all or any of the shares concemed. (4) For so long as a shareholder of a banking institution or controlling company fails or refuses to comply with a request in terms of subsection (3), he or she shall not, either personally or by proxy, cast a vote attached to any of his or her shares in the banking institution or controlling company concemed, nor receive a dividend payable on any of those shares. (5) The validity of any resolution adopted by the banking institution or controlling company concerned shall not be affected by a vote cast in contravention of subsection (4), if the resolution was adopted by the requisite majority of votes which were validly cast. (6) A dividend referTed to in subsection (4) shall accme to the banking institution or controlling company concemed. (7) Subject to section 73 ("Appeals") of the p1incipal Act, a shareholder who has been required to divest himself or herself of any shares in a banking institution or controlling company in terms of subsection (3) and who fails without just cause to comply with the requirement within a reasonable period shall be guilty of an offence and liable 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. (8) Every banking institution and controlling company shall without delay take steps to ensure that its shares which were registered before the fixed date are registered in the names of their beneficial shareholders in accordance with sectionl5C of the principal Act, and if six months after the fixed date any such shares remain not so registered, section 15D(l) of the principal Act shall apply to them. (9)Any(a) person who, immediately before the fixed date, held a significant interest in a controlling company; (b) person, other than a public company, who immediately before the fixed date held a significant interest in a banking institution; shall without delay, and in any event within three months after the fixed date, infonn the Registrar, through the controlling company or banking institution concemed, of the nature and extent of the significant interest, providing the Registrar with such information in regard to it as the Registrar may reasonably require, and if the Registrar refuses to approve his or her holding of the significant interest shall without delay take all necessary steps to divest himself or herself of the interest. (10) Any body corporate such as is referred to in section 15F(l)(b) of the principal Act which, immediately before the fixed date, exercised control over a registered banking institution in Zimbabwe shall be deemed to have been approved by the Registrar in terms of that section. (11) Any public company which, immediately before the fixed date, exercised control over a registered banking institution shall without delay and in any event within three months after the fixed date, apply to the Registrar in terms of section 15G of the principal Act for registration as a controlling company. (12) Any person, other than a public company, who immediately before the fixed date exercised control over a banking institution shall take all necessary steps to divest himself or herself. within three months after the fixed date, of the shares or other interests by vvhich he or she exercised that control. (13) If a person referred to in subsection (12) retains control over a banking institution three months after the fixed date(a) any act or decision whatsoever by which he or she exercises control over the banking institution shall be void; 258 2015