Paragraph 1 Bankruptcy
A person shall be disqualified for holding, or continuing to hold, office as a member of a foundation body if–
(a)
he has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged;
(b)
he has made a composition or arrangement with, or granted a trust deed for, his creditors and has not been discharged in respect of it.