(1) A manager shall at no time have less than 2 directors all of whom are natural persons and one of whom shall be a resident.
(2) A manager who contravenes subsection (1) is liable to suspension or revocation of its international public mutual fund manager licence after 30 days of receipt of a notice given to that effect by the Director except that the Director may specify a longer period of time within which the Manager must comply with subsection (1).