38.—(1) An estate agent shall appoint a key executive officer and shall ensure that the key executive officer is responsible for the proper administration and overall management of the business of the estate agent, and the supervision of its salespersons.
(2) No person may be appointed under subsection (1) or continue to be appointed as such unless —
(a)
he is not a salesperson or key executive officer of any other licensed estate agent and he does not hold a licence as any other estate agent; and
(b)
he does not hold and is not an employee, a director or a partner of a person who holds a moneylender’s licence.
(3) A key executive officer must possess such qualifications and satisfy such requirements as may be prescribed.
(4) A key executive officer shall carry out the duties referred to in subsection (1) and shall be contactable by the Council and salespersons of the estate agent at all reasonable times.
(5) If a vacancy occurs in the post of key executive officer by reason of the death, resignation or revocation of appointment of the key executive officer, the estate agent shall —
(a)
within one week of the key executive officer ceasing to carry out his duties, notify the Council of that fact; and
(b)
within one month of the key executive officer ceasing to carry out his duties, appoint another key executive officer in accordance with subsection (1).