| (1) | A duly completed statement and declaration in the form of a form DI 020 as prescribed by regulation 33 shall be submitted to the Authority by the chairman of the board, or his duly appointed representative, or, in the case of a new mutual bank, by the auditor, in respect of— |
| (a) | every person who for the first time accepts an appointment as a director or an executive officer of a mutual bank at least 30 days prior to the appointment becoming effective; and |
| (b) | any serving director or executive officer of a mutual bank at the request of the Authority. |
| (2) | For the purposes of this regulation, "related party", means any person (whether natural or juristic) over whose business the director or executive officer can exercise a significant influence and which business undertakes business with the mutual bank to an extent that could materially influence the asset base, profitability or risk profile of the mutual bank. |
Form DI 020 - Statement by Individuals who are holding, or are proposing to hold, the office of a Director or an Executive Officer of a mutual bank
