Section 120
Power to remove director or chief executive officer of financial holding company
of Financial Services Act 2013
(1)
Subject to section 262, the Bank may by a notice in writing, remove a director or chief executive officer of a financial holding company if the Bank is of the opinion that the director or chief executive officer of the financial holding company—
(a)
no longer fulfills the fit and proper requirements specified by the Bank under section 60 which is applicable to a financial holding company pursuant to section 115, and fails to cease holding such office or acting in such capacity; or
(b)
has failed to comply with or by action or negligence has contributed to the breach or contravention of, any provision of this Act, a direction of the Bank referred to in section 116
or an enforceable undertaking accepted by the Bank under section 259.
Financial Services 129
(2)
A director or chief executive officer removed from office or employment in a financial holding company under subsection (1) shall cease to hold the office from which he is removed with effect from the date set out in the order and shall cease to be concerned with the business or affairs of the financial holding company.
(3)
Notwithstanding anything contained in any contract of service or any other agreement relating to his appointment, the removal of the director or chief executive officer under subsection (1) shall not entitle him to claim any compensation for such removal.