(1) Where an action under this Part requires the removal of a director or officer of a licensed financial institution the Central Bank shall serve on the licensed financial institution and on the director or officer concerned written notice of the intended removal.
(2) The licensed financial institution and the director or officer served with a notice under subsection (1) may, within the period of 14 days commencing from the day after which the notice is given, make written representations to the Central Bank and the Central Bank shall take the representations into account in deciding whether to remove the director or officer.
(3) Where the Central Bank is of the opinion that the public interest may be prejudiced by the director or officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations specified in subsection (2), the Central Bank may make an order suspending
the director or officer, and the suspension shall not extend beyond the period for making written representation.
(4) Where the Central Bank decides to remove the director or officer the Central Bank shall, without delay, notify the director or officer and the licensed financial institution of the removal order or suspension order made under this section.
(5) The director or officer, as the case may be, ceases to hold office as of the date, the removal order is made, or any later date specified in the order.