(1) Where the Bank is of the opinion, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013 or after an investigation under section 92, that it is necessary to do so in the interest of the members or creditors of a credit union or of the orderly and proper regulation of the business of a credit union, it may -

(a) remove from office, or

(b) suspend from office for such period not exceeding three months as the Bank considers appropriate,

all or any of the directors or members of the board oversight committee of the credit union.

(2) The removal or suspension from office by the Bank of a director or member of the board oversight committee of a credit union under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942