Section 47: Disqualification

47. Disqualification (1) Without prejudice to the provisions of the Companies Act, any person who is a director or senior officer or an employee concerned with the management of a financial institution, shall cease to hold office where he is— (a) declared bankrupt or makes a composition with his creditors; or (b) convicted of any offence involving fraud or dishonesty. (2) No director or senior officer or employee of any financial institution shall be at the same time a director or senior officer or an employee of any other financial institution except with the approval of the central bank. (3) No person who has been a director of, or directly or indirectly concerned in the management of, a financial institution which has been liquidated shall, without the approval of the central bank, act or continue to act as a director of, or be directly or indirectly concerned in the management of, a financial institution.