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Right to make representation 104. A licensed financial institution or licensed financial holding company to which a direction is given and a person who is served a copy of it under subsection (2) of section 101 or subsection (4) of section 103 may, within the period of fourteen days commencing from the day after which the direction is given, make written representations to the Central Bank and the Central Bank shall take the representations into account in deciding whether to confirm the direction. Notice of confirmed removal 105. Where the Central Bank decides to confirm the direction it shall serve written notice of the confirmation on the licensed financial institution or licensed financial holding company and the person whose removal is required. Person to be removed from office 106. The licensed financial institution or licensed financial holding company shall within the period specified in the direction, remove the person identified from the office and notify the person in writing of his removal from office and shall take any other steps as are necessary to inform the shareholders of the licensed financial institution or licensed financial holding company and the Registrar of Companies of the removal. Effective date of removal 107. The removal of the director or officer in accordance with the directions given under subsection (2) of section 101 or subsection (4) of section 103 shall take effect from the date of receipt by the director or officer of the notification of removal given by the Central Bank or any later date specified in the notice notwithstanding the provisions of any other law or the constituent documents of the licensed financial institution or licensed financial holding company.

Failure to comply with a direction 108. If a licensed financial institution or licensed financial holding company fails to comply

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