(1) If it appears to the Director that a person is not qualified, not of sound reputation, not solvent or otherwise not a fit and proper person to be appointed or remain as director, manager or officer of a company that is a licensee, the Minister may direct that the person shall not, be appointed or remain as a director or officer.
(2) The Minister shall give written notice to the licensee of any decision to make a direction under this section and may additionally provide a statement of reasons for the decision and, except where the Minister is satisfied that urgent action is necessary, the notice shall be served on the licensee not less than 28 days before the date on which the decision is to take effect.
(3) A direction by the Minister under subsection (1) may be—
(a) given subject to conditions;
(b) varied from time to time; and
(c) revoked at any time.
(4) A person shall not accept or continue in any appointment referred to in subsection (1).
(5) A licensee shall not appoint or continue the appointment of a person in contravention of a direction.
(6) A person who contravenes subsection (4) or (5) commits an offence and upon summary conviction is liable to a fine of $50,000 or to imprisonment for a term not exceeding 5 years.