26. Insertion of sections 44B and 44C in the principal enactment

The following sections are hereby inserted immediately after section 44A of the principal enactment and shall have effect as sections 44B and 44C of that enactment: -

44B. (1) (a) Where the Central Bank, in pursuance to findings of any examination or investigation conducted on affairs of a licensed commercial bank, is satisfied at any time that a person who previously held office as a director, the chief executive officer or an officer performing executive functions of such bank has committed or has been connected with the commission of any act involving fraud, deceit, dishonesty or other similar criminal activity or any other improper conduct during the period in which he served in such office which may disqualify such person to be a fit and proper person to

“Disqualification of a director, the chief executive officer or an officer performing executive functions of a licensed commercial bank who previously held such positions in such bank be appointed, elected or nominated as a director, the chief executive officer or officer performing executive functions of a licensed commercial bank, or any other financial institution regulated and supervised by the

Central Bank, it shall be lawful for the

Central Bank to determine that such person is not fit and proper, notwithstanding the fact that whether such person no longer holds such office at the time of making such determination.

The Central Bank shall, prior to making such determination ensure that such person has been offered an opportunity of being heard.

The person so determined as not fit and proper under subsection (1) shall not be eligible to be appointed, elected, nominated or continued as a director, chief executive officer or other officer performing executive functions of a licensed commercial bank or any other financial institution regulated and supervised by the Central Bank.