Section 16Part 1 — Banks and Trust Companies Act
Number a nd approval of directors
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A licensee shall at no time have less than two directors.
Unless exempted from such a requirement by the Authority, a licensee shall, before the appointment of a director or other senior officer, apply to the Authority for its written approval of such appointment.
The Authority shall refuse to grant approval under subsection (2) if the Authority is of the opinion that the director or other senior officer to whom the application relates is not a fit and proper person to be such director or, as the case may be, senior officer.
Approval granted under subsection (2) —
ipso facto lapses if the director or senior officer becomes bankrupt or is convicted of an offence involving dishonesty; and
may be revoked by t he Authority.
Approval granted under paragraph (b) of section 6(2) may be revoked by the Authority.