Removal of director or officer

(1) The Central Bank may, by order, remove a person from office as a director or officer of a licensee or financial holding company if the Central Bank is of the opinion that the person is not suitable to hold that office– (a) on the basis of the competence, business record, experience, conduct or character of the (b) because the person is no longer fit and proper pursuant to section 5; or (c) because the person has contravened or, by action or negligence, has contributed to the (i) any provision of this Act or the made hereunder, including, without limitation, section 47; (ii) any order or directive issued under this Act; (iii) a condition or limitation contained in the licence of the licensee; or (iv) any undertaking given by the licensee to the Central Bank. (2) In forming an opinion under sub-section (1), the Central Bank shall consider whether the interests of the depositors and creditors of the licensee have been or are likely to be prejudiced by the person continuing to hold office as a director or officer. 150 (3) The Central Bank shall notify the person concerned and the licensee in writing of any removal order that the Central Bank proposes to make under sub-section (1) and shall afford them an opportunity within ten days after the date of the notice, or within any longer period that the Central Bank may allow, to make representations to the Central Bank in relation to the (4) Where the Central Bank is of the opinion that the public interest may be prejudiced by the director or officer continuing to exercise the powers or carry out the duties and functions of that office during the period for making representations specified in sub-section (3), the Central Bank may make an order suspending the director or officer, which suspension shall not extend beyond the said period. (5) The Central Bank shall, without delay, notify the director or officer and the licensee of a removal order or suspension order made under this section. (6) The director or officer, as the case may be, ceases to hold office as of the date the removal order is made or any later date specified in the order. (7) The director or officer and the licensee may appeal the matter to the Appeal Board within thirty days after the date of receipt of a notice of the removal order under sub-section (5), or within any longer period that the Appeal Board may allow. (8) The Appeal Board may dismiss the appeal or set aside the removal order, but a removal order is not stayed by an 151