(1) The Bank may, in writing require any holder of a licence -

(a) to notify the Bank at least 15 days -

(i) before notices are sent to the shareholders concerning the proposed appointment or reappointment of a person to the office of auditor of the holder for the purposes of the Companies Acts, 1963 to 1986, or

(ii) before the directors of the holder fill any casual vacancy in the office of auditor by virtue of section 160 (7) of the Companies Act, 1963,

of the name of the person to be so proposed, to be reappointed or to fill that vacancy,

(b) to supply, within such period of time as the Bank shall state, such information as it may request concerning the person named for the purpose of paragraph (a).

(2) Where the Bank is of the opinion that it would not be in the interest of persons maintaining deposits with the holder of a licence or of the orderly and proper regulation of banking, it may direct, as the circumstances require, that holder not to appoint or not to reappoint to the office of auditor, or the directors not to fill a casual vacancy in that office with, a named person and the direction shall be complied with.

(3) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable -