Banking and Financial Institutions Act 1989 · s 75

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s 75

(1)

Any officer or director removed from office in a licensed institution under section 73 (1) (C) or (D) (i) shall cease to hold the office from which he is removed with effect from the date set out in the order, and shall not thereafter hold any other office whatsoever in that licensed institution or, in any manner, whether directly or indirectly, be concerned with, or take part, or engage in, any activity, affairs or business whatsoever of or in relation to that licensed institution.

(2)

The removal of an officer or director under section 73 (1) (C) or (D) (i) shall be lawful and valid notwithstanding anything contained in any contract of service or other contract or agreement, whether express or implied, whether individual or collective, and whether or not made or provided for under any written law, and a person so removed from office shall not be entitled to claim any compensation for the loss or termination of office.