—(1) The Minister may serve a written notice of objection on any person referred to in section 15A or 15B if —
the Minister is satisfied that —
any condition of approval imposed on the person under section 15C has not been complied with;
he would not have granted his approval under section 15C had he been aware, at that time, of circumstances relevant to the person’s application for such approval; or
the Authority is satisfied that —
the person ceases to be a fit and proper person;
having regard to the likely influence of the person, the designated financial institution is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or
(2) Before the service of a written notice of objection, the Minister shall, unless he decides that it is not practicable or desirable to do so, cause to be given to the person concerned notice in writing of his intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection.
(3) Upon receipt of any written representations, the Minister shall consider them for the purpose of determining whether to issue a written notice of objection.
(4) The Minister shall, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection shall —
take such steps as are necessary to ensure that he ceases to be a party to the agreement or arrangement described in section 15A(3) or (4), or ceases to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller as defined in section 15B(3) and (5), as the case may be; or
comply with such direction or directions as the Minister may make under section 16.
(5) Any person served with a written notice of objection under this section shall comply with the notice.