Section 88

(1) Subject to sub-section (2), the Central Bank shall have the power to vary or revoke any appointment under section 86 at any time upon written notice to the person so appointed, and that person immediately shall cease to act as statutory administrator. The Central Bank may appoint a replacement who shall be a person from the private sector or an officer of the Central Bank. The Central Bank must ensure that the licensee shall at all times remain under the control of a duly appointed (2) The powers of the Central Bank under sub-section (1) to remove a statutory administrator or to appoint a replacement shall be exercised with the prior approval of the Minister. 154