Section 20, The Banking Act, 2019

(1) A person shall not be appointed chief executive,deputy chief executive, executive director, Board member, key management personnel, agent or other officer of a bank or financial holding company if he - (a) is certified by a medical practitioner to be a person of unsound mind; (b) has been declared insolvent for 7 years or has entered into agreement with another person for payment of the debt of that person and has suspended payment of the debt; (c) is convicted of an offence involving fraud or dishonesty; (d) has been a Director or key management personnel of any institution that has been liquidated otherwise than for voluntary reasons or has had its licence revoked; (e) is under the age of 18 years; (f) is a Director or board member of another bank or financial holding company, unless that person has obtained written approval of the Central Bank; (g) is declared not to be a fit and proper person by the Central Bank; (h) has been removed from office by the Central Bank; or (i) has been banned by a professional body to which the person belongs. (2) A bank or financial holding company that becomes aware of circumstances that may disqualify a chief executive, deputy chief executive, executive director, director, Board member or key management personnel, agent or other officer concerned in the management of that bank or financial holding company shall immediately notify the Central Bank. 32 33 Approval required for appointments. Qualification for appointment. (3) Where a person is subject to disqualification under this section he shall immediately cease to hold office or act as such and the bank or financial holding company concerned shall immediately terminate his appointment. (4) A person who, at any time during the preceding 12 months, has served in a management position with the central bank shall not serve as a director or executive officer of a bank or financial holding company, without obtaining the prior approval of the Central (5) A governor, deputy governor or director of the Central Bank shall not serve as a director or executive officer of a bank or financial holding company, during the one-year period immediately following the date on which the person ceased to occupy the position with the central bank. (6) A person who has been a director or has been directly or indirectly concerned in the management of a bank who has had its licence revoked in accordance with this Act shall not serve as a director of another bank or financial holding company without the express approval of the Central Bank. (7) Except with the consent of the Central Bank, no bank or financial holding company incorporated in Sierra Leone shall have as a director a person who is a director of another bank. (8) A person who on the date of the coming into operation of this Act is an executive officer or director of a bank or financial holding company shall not, within 30 days after the coming into operation of this Act remain an executive officer or director of that bank unless the person satisfies the conditions specified in section 20. (9) A bank or financial holding company shall immediately notify the Central Bank on becoming aware of circumstances that indicate that a director or executive officer may not satisfy the requirements of subsections (1) to (7).