174. Power to remove director, chief executive officer or senior officer

Subject to section 273, the Bank may, by an order in writing, remove a director, chief executive officer or senior officer from office or employment in an institution if the Bank is of the opinion that the director, chief executive officer or senior officer of the institution—

no longer fulfils the fit and proper requirements specified under section 69 and fails to cease holding such office or acting in such capacity; or

has breached, contravened or failed to comply with or, by action or negligence, has contributed to the breach or contravention of, or non-compliance with any provision of this Act, a direction under section 168 or an enforceable undertaking accepted by the Bank under section 270.