Section 25
Section 25
Without prejudice to anything contained in the Companies Act, 1965 any person who is a director, manager, secretary or other officer concerned in the management of a licensed bank shall cease to hold office—
(a)
if he becomes a bankrupt, suspends payment or compounds with his creditors; or
(b)
if he is convicted of an offence involving dishonesty or fraud.
(2)
No person who has been a director of, or directly concerned in the management of, a licensed bank which has been wound up by a court shall without the express authority of the Minister act or continue to act as a director of, or be directly concerned in the management of, any bank.
(3)
Any person who acts in contravention of subsection (1) or (2) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.