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Prohibition on bankrupts and other persons.
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42.—(1) A person who is a bankrupt and whose bankruptcy still subsists or who has been convicted on indictment of any offence involving fraud or dishonesty shall not—
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(a) be a person establishing a society,
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(b) act as a director of a society,
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(c) directly or indirectly take part in or be concerned in the management of a society, or
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(d) permit his name to be put forward for election or appointment to any office referred to in paragraph (b) or (c).
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(2) Whenever a person holding an office referred to in subsection (1) (b) or (1) (c) becomes ineligible by virtue of that subsection to hold office, he shall forthwith cease to hold that office and the vacancy shall be deemed to be a casual vacancy and may be filled in the manner provided for such a vacancy in the rules of the society.
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