(1) A licensee shall have at least 2 directors all of whom are natural persons, one of whom shall be a resident.
(2) A person shall not act as a director or manager of the licensee without prior written notification being given to the Minister, unless the licensee is exempt from this requirement by the Minister.
(3) A director or manager shall not continue to act as such if—
(a) the director or senior officer becomes bankrupt or is convicted of an offence involving dishonesty; or
(b) the Minister revokes the appointment.