Removal of the statutory administrator

(1) Before regulations are made pursuant to section 7, the Central Bank shall submit the regulations in draft form to the licensees and other persons who may be affected by them, and shall, in that regard, allow twenty-one days for consultation with the licensees and other stakeholders. (2) Where, in the opinion of the Central Bank, any matter proposed to be dealt with in regulations or by an amendment thereof has become urgent, the Central Bank may, with the approval of the Minister, proceed to effect promulgation of the regulations or an amendment thereof without following the process referred to in sub-section (1), in which case the Central Bank shall publish, in the Gazette, the reasons for its action.