(1) Every person who is, or is likely to be a director, significant shareholder, or officer of a licensed financial institution or licensed financial holding company must be a fit and proper person to hold the particular position which he holds or is likely to hold.
(2) In determining whether a person is a fit and proper person to hold any particular position, regard shall be had to —
(a) the person's probity, competence and soundness of judgment for fulfilling the responsibilities of that position;
(b) the academic or professional qualifications or effective experience in banking, finance, business or administration or any other relevant discipline of the person concerned;
© the diligence with which the person is fulfilling or likely to _nstal the responsibilities of the position;
(d) whether the interests of depositors or potential depositors of the licensed financial institution are, or are likely to be, in any way threatened by the person holding the position;
© whether the person is a significant shareholder, director or officer or holds any position of authority in any licensed financial institution locally or elsewhere whose licence has been suspended, or revoked otherwise than as a result of an amalgamation or voluntary liquidation or which has been or is being wound up or compulsorily liquidated;
(f) whether the person has failed to satisfy any judgment or order of a court locally or abroad including the repayment of a debt;
(g) whether the person is an un-discharged bankrupt or has been declared a bankrupt locally or abroad; and
(h) whether the person has been removed or suspended by a regulatory authority from serving as a director or officer in a licensed financial institution or any body corporate locally or abroad.
(3) Without prejudice to the generality of the foregoing provisions, regard may be had to the previous conduct and activities in business or financial matters of the person in question and, in particular, to any evidence that the person has —
(a) committed an offence involving fraud or other dishonesty or violence;
(b) contravened any provision made by or under an enactment designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice by persons concerned in the provision of banking, insurance, investment or other financial services or the management of companies or against financial loss due to the conduct of a discharged or undischarged bankrupt;
© engaged in any business practices appearing to the board to be deceitful or oppressive or otherwise improper (whether unlawful or not) or which otherwise reflect discredit on the person's method of conducting business;
(d) an employment record which leads the board to believe that the person carried out an act of impropriety in the handling of his or her employer's business; or
© engaged in or been associated with any other business practices or otherwise conducted himself or herself in a manner as to cast doubt on his or her competence and soundness of judgment.