(1) Any person who is a director, manager or other officer concerned with the management of a licensee shall cease to hold office upon—
(a) notification by the management team of the licensee of a finding by two-thirds of the management team of the licensee members of his or her permanent incapacity or serious neglect of, or misconduct in, office; or
(b) the person being declared bankrupt or compounding with, or suspending payment to, his creditors; or
(c) the person being conviction in a court of law of any offence involving fraud or dishonesty; or
(d) the person being sentenced for an offence involving a term of imprisonment of or exceeding 6 months or in default of a payment of a fine; or
(e) the person being deemed not to be fit and proper person in accordance with the criteria established under section 6 (5).
(2) A person who has been a director of, or directly or indirectly concerned in the management of a licensee, the licence of which has been revoked, shall not without the approval of the Authority, act or continue to act as a director, or be directly or indirectly concerned in the management of any licensee.
(3) A person who contravenes subsection (1) or (2) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both such fine and imprisonment.