Conditions of licence

(1) A licence granted under this Act shall be subject to the conditions the Central Bank considers necessary and the Central Bank may, for the purposes of this Act, amend any condition of a licence by way of alteration, substitution, addition, omission or other modification. (2) The Central Bank may, upon the application of a licensee, amend a condition of a licence if it considers the proposed amendment to be appropriate. (3) The procedure for amending a condition of a licence under sub-sections (1) and (2), including the required periods of notice and period for making representation to the Central Bank, shall be prescribed in regulations issued under section 56. (4) Without prejudice to the generality of sub-section (1), it shall be a condition of every licence that a person shall not, without the written authorisation of the Central Bank, act or continue to act as a director or officer of a licensee or as an agent acting on behalf of a licensee if that person is not a fit and proper person.