1. The Central Bank shall establish a general framework for governance of Licensed Financial Institutions, and shall issue rules and regulations relating to organization of their boards of directors and shall determine the conditions to be met by members of their boards of directors, and the conditions for appointment of their Authorized Individuals; provided such institutions listed in the State’s financial markets shall adhere to the minimum requirements of corporate governance set by the concerned regulatory authority. 2. Licensed Financial Institutions shall obtain Central Bank’s prior approval for nomination and appointment of any Person for membership of their boards of directors or renewal of his membership, and appointment or renewal of the employment contract of any of their Authorized Individuals. 3. The Board of Directors may, as may be required to safeguard public interest, reject any Person’s nomination, appointment, or renewal of his membership in the board of directors of a Licensed Financial Institution, and may also reject appointment or renewal of the employment contract of any of its Authorized Individuals.
Interpretation and application must be checked against the official text and current version.