Notification and confirmation of directives

(1) Directives under section 20 and section 23 shall be given by notice in writing and shall state the reasons for which the directives are given and may be varied by a further notice containing directives or cancelled by the Central Bank by notice in writing to the licensee or former licensee. (2) Where a directive requires the removal of a person as director or officer the Central Bank shall serve on that person a copy of the directive together with a statement of his rights under sub-section (3). (3) A licensee to which a directive is given and a person who is served a copy of it under sub-section (2) may, within the period of fourteen days commencing from the day after which the directive is given, make written representations to the Central Bank and the Central Bank shall take any such representations into account in deciding whether to confirm the (4) Where the Central Bank decides to confirm the directive, it shall serve written notice of such confirmation on the licensee or former licensee and such notice shall state particulars of the rights of the licensee or former licensee under section 129. 60