(1) Any person who is a director or officer of a licensed financial institution or licensed financial holding company shall cease to hold office —
(a) upon notification by the board of a finding by two-thirds of its members —
(i) of that person's permanent incapacity or serious neglect of, or misconduct in, office, or
(ii) that the person is not a fit and proper person in accordance with this Act or prudential standards issued by the Central Bank;
(b) if that person —
(i) is or was convicted of an offence under this Act,
(ii) has been declared bankrupt or is compounding with, or suspending payment to, the person's creditors, or
(iii) has been convicted in a court of law of any offence involving fraud, dishonesty, or violence.
(2) Any person who —
(a) has been sentenced for an offence involving a term of imprisonment exceeding 6 months or in default of the payment of a fine;
(b) has been a director or officer of a company which has been wound-up by a court or has been placed in receivership; or
© has been a director or officer of, or directly or indirectly concerned in the management of a former licensed financial institution, the licence of which has been revoked, unless such revocation was due to —
(i) its amalgamation with another licensed financial institution or licensed financial holding company or other company, or
(ii) its voluntary winding up,
shall not without the prior approval of the Central Bank act or continue to act as a director or officer of, or be directly or indirectly concerned in any way in the management of any licensed financial institution or licensed financial holding company.
(3) A licensed financial institution or licensed financial holding company shall within 15 days of becoming aware that any of its directors or officers is ineligible to hold the office, cause the removal of the ineligible director or officer and notify the Central Bank accordingly.
(4) Where the Central Bank is satisfied that any of the directors or officers of a licensed financial institution or licensed financial holding company who is ineligible under subsection (1), continues to hold office, the Central Bank may —
(a) direct the licensed financial institution or licensed financial holding company in writing to remove the person from the office within the period specified in the direction; and
(b) notify in writing the person whose removal is required with a copy of the direction.