Prohibition of certain Directors holding shares in a bank.
29.—(1) This section applies to all Directors except banking Directors.
(2) A Director to whom this section applies shall within three months after his appointment absolutely sell or otherwise dispose of all shares in any bank which he shall, at the time of his appointment, own or be interested in for his own benefit.
(3) If and whenever any shares in a bank shall come to or vest in a Director to whom this section applies by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell or otherwise dispose of the same or his interest therein.
(4) A Director to whom this section applies shall not purchase, take, or become interested in for his own benefit any shares in any bank.
(5) If a Director to whom this section applies shall retain, purchase, take, or become or remain interested in any shares in any bank in contravention of this section he shall forthwith become and be disqualified from holding the office of Director.
(6) In this section the word “bank” includes a bank incorporated outside the State as well as a bank incorporated in the State and references to shares in a bank shall be construed as including stock, shares, debentures, debenture stock, bonds, or other securities of such bank.