s 6 Appointment of Chief Executive Officer and directors
(1) Except with prior written approval of the *Minister, no prescribed institution shall appoint or reappoint any person as its Chief Executive Officer or director. (2) The prescribed institution shall only submit an application for approval under subsection (1) after seeking and obtaining the Bankβs verification that the person has complied with the criteria set out in the First Schedule. (3) No prescribed institution shall appoint or reappoint any person as its Chief Executive Officer or director and no person shall accept any appointment or reappointment as a Chief Executive Officer or director of a prescribed institution, unless such person has been verified by the Bank as having complied with the criteria set out in the First Schedule. (4) A prescribed institution shall notify the Bank of the appointment or reappointment of its Chief Executive Officer or directors within fourteen days from the date of the appointment or reappointment, as the case may be.