(1) A licensee shall have at least 2 directors, all of whom are natural persons and one of whom shall be a resident.
(2) A person shall not act as a director or other senior officer of a 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 senior officer of a licensee shall not continue to act as such if—
(a) he or she becomes bankrupt or is convicted of an offence involving dishonesty; or
(b) the Minister requires the revocation of the appointment of the director or senior officer.
(4) The majority of directors in an incorporated cell shall be directors of the incorporated cell company to which it is linked.
(Amended by Act 44 of 2006)