(1) Each officer, employee, director, partner, principal, trustee or direct or beneficial owner of any interest in any holding company or intermediary company who the commission determines is or is to become engaged in the administration or supervision of, or any other significant involvement with, the activities of a corporate licensee, must be found suitable therefor and may be required to be licensed by the commission.

(2) If any officer, employee, director, partner, principal, trustee or direct or beneficial owner required to be found suitable pursuant to subsection (1) fails to apply for a finding of suitability or a gaming license within thirty (30) days after being requested so to do by the executive director, is not found suitable or is denied a license by the commission, or if his license or the finding of his suitability is revoked after appropriate findings by the commission, the holding company or intermediary company, or both, shall immediately remove that person from any position in the administration or supervision of, or any other significant involvement with, the activities of the corporate licensee. If the commission suspends the suitability or license of any officer, employee, director, partner, principal, trustee or owner, the holding company or intermediary company, or both, shall, immediately and for the duration of the suspension, suspend him from performing any duties in administration or supervision of the activities of the corporate licensee and from any other significant involvement therewith.