(1) Where the Bank proposes to remove a person from the management body of an institution, financial holding company or mixed financial holding company, the Bank shall issue a notice (in this Regulation and Regulations 79C to 79F referred to as a 'removal notice') in relation to the person.
(2) A removal notice shall -
(a) be in writing,
(b) set out the grounds on which the Bank has formed the view that the person to whom the notice relates fails to fulfil one or more of the requirements set out in Regulation 79(1) to (7),
(c) require the person concerned to show cause, in writing, not later than 5 days after the service of the removal notice on them, why the period of effect of the notice should not be extended in accordance with Regulation 79D,
(d) include such additional matters (if any) as the Bank considers appropriate, and
(e) be signed and dated by a person duly authorised by the Bank to do so.
(3) The Bank shall serve a removal notice on -
(a) the person to whom the notice rela
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