Section 15Part 1 — Securities Investment Business Act
Number and approval of directors
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A licensee which is a company or a corporate general partner of a limited partnership which is a licensee shall at no time have fewer than two directors or, if the licensee is a company that does not have directors, two managers.
No alterations in the senior officers of a licensee shall be made without the prior written approval of the Authority.
A licensee or registered person shall remove or replace a senior officer who is convicted in any country of an offence involving dishonesty forthwith upon conviction.
A registered person shall have, where the registered person is —
a company incorporated under the Companies Law (2020 Revision), a minimum of —
two directors who are individuals; or
one corporate director, 16 each of whom is complying with the Directors Registration and Licensing Law, 2014 ;
a general partnership established, or a limited partnership registered under the Partnership Law (2013 Revision) , a minimum of two partners;
an exempted limited partnership registered under the Exempted Limited Partnership Law (2018 Revision) , a minimum of two directors (or equivalent officers) appointed in respect of its general partner (or where the general partner is itself an exempted limited partnership registered under the Exempted Limited Partnership Law (2018 Revision) at the level of the ultimate general partner);
a foreign company registered under Part IX of the Companies Law (2020 Revision) , a minimum of two directors (or equivalent officers);
a limited liability company formed and registered under the Limited Liability Companies Law (2020 Revision) , a minimum of two managers complying with the Directors Registration and Licensing Law, 2014 [Law 10 of 2014] ; or
a limited liability partnership formed and registered under the Limited Liability Partnership Law, 2017 [Law 13 of 2017] , a minimum of two managing partners.
Any alteration made in the senior officers of a registered person shall be notified to the Authority within twenty-one days of the alteration.