Transitional period of certain transactions, offences and enforceability of transactions

(1) Any bank to which sections 21B and 21C of this Act are applicable and which, prior to 5th October, 2002 entered into any transaction which does not comply with the said sections shall, within six months after such commencement, submit a statement thereof to the Central Bank and shall liquidate all such transactions within such reasonable time as shall be determined by the Central Bank but in no case later than one year from the commencement of the said Act. (2) Any person who fails to comply with the provisions of section 21B or 21C shall, upon being called in writing to do so by the Central Bank, pay a penalty of five thousand dollars for each day of such failure to comply. (3) Nothing in section 21B or 21C, shall be deemed to prevent a bank from enforcing any transaction referred to therein against any person who is a party thereto or against whom it could have been otherwise enforced. 31