S.L. 330.9 Art. 28Removal of the seniormanagement and the board of directors.

Where there is a significant deterioration in the financial situation of an institution or where there are serious infringements of law, of regulations or of the statutes of the institution, or serious administrative irregularities, and other measures taken in accordance with regulation 27 are not sufficient to reverse that deterioration, the Authority may require the removal of the senior management or the board of directors of the institution, in its entirety or with regard to individuals. The appointment of the new senior management or the board of directors shall be done in accordance with Maltese and European Union law and be subject to the approval or consent of the Authority.