(1) A licensee shall, no less than 45 days prior to the proposed date of appointment of a director or other senior officer—
(a) submit to the Authority a completed Form B in Schedule 2 and the prescribed application form in respect of each proposed appointee; and
(b) obtain approval of the Authority for appointment of the proposed appointee as director or other senior officer.
(2) Upon receipt of the completed Form B in Schedule 2 and the prescribed application form, the Authority shall conduct an investigation to determine whether the proposed appointee satisfies the fit and proper criteria established in section 6(5).
(3) Within 45 days of the receipt of the completed Form B in Schedule 2 and the prescribed application form the Authority shall—
(a) approve the appointment of the proposed appointee to the proposed post and notify the licensee in writing; or
(b) inform the licensee in writing that the proposed appointee does not satisfy the fit and proper criteria, and refuse approval for appointment of the proposed appointee to the proposed post.
(4) Notwithstanding subsection (1), where prior notification of the appointment of a proposed appointee as director or other senior officer of a licensee is not possible, the licensee—
(a) may appoint the proposed appointee as director or other senior officer as the case may be, conditional on the approval of the Authority in accordance with subsection (3); and
(b) shall within 5 days of such appointment submit to the Authority the forms prescribed under subsection (1) and a letter specifying the reasons for the appointment of the proposed appointee without prior approval.