(1) A licensed financial institution or licensed financial holding company shall give written notice to the Central Bank of the appointment or election of a director or officer within 30 days of the election or appointment of the director or officer.
(2) (a) Where the Central Bank receives a notice under subsection (1) and is not satisfied that a director or officer is a fit and proper person in accordance with the criteria in section 97, it shall direct the removal of the director or officer.
(b) The Central Bank may notify in writing the person whose removal is required with a copy of the direction.