What happens when a bowler delivers a waist-high or shoulder-high no ball?

Stage 2 Match Day Rules 6.5 (note) make these no balls under the Laws:

• A ball that passes, or would have passed, above the batter's waist on the full, with the batter upright at the crease.
• A ball that, after pitching, passes or would have passed above the batter's shoulder, with the batter upright at the crease.

Warning and consequence: the umpire warns the bowler that any further repeat in the innings means the bowler cannot bowl again in that innings. The over is then completed by a different bowler who did not bowl the previous over and who will not bowl the next over. A part-over bowled counts as an over bowled for each bowler.

Very slow bowlers and spinners are exempt from these warnings and restrictions, unless they bowl an obvious quicker ball.