Section 63, The Banking Act, 2019

(1) The Central Bank may where it considers it necessary,appoint by written order issued to a bank or financial holding company a competent person as advisor to the Chief Executive at the expense of the bank or financial holding company, to improve its affairs. (2) A written order appointing the advisor under subsection (1) shall set out detailed terms of reference and timelines for the discharge of the advisor’s duties. (3) The Central Bank may, before issuing an order under subsection (1) give a hearing to the bank or financial holding company unless it considers that the consequent delay in action would not be in the interest of the bank or financial holding company. (4) A bank or financial holding company which has been issued an order under subsection (1) shall comply with the order and extend full cooperation to the appointed advisor in discharging his responsibilities. (5) An advisor appointed under subsection (1) shall be entitled to attend the meetings of the board of directors of a bank or financial holding company, its committees, participate in their deliberations and get his views recorded in the minutes of the meetings, but he shall not have any right to vote on any resolution. (6) An advisor appointed under subsection (1), shall hold office for such period as may be specified by the Central Bank and his tenure may be extended or curtailed at the discretion of the Central (7) An advisor appointed under subsection (1) shall furnish the Central Bank with a status report on the concerned bank or financial holding company as frequently as may be determined by the Central Bank.