10. Substitution of section 5

The principal Act is amended by substituting for section 5

the following section:

5.

“Disqualification of Board members

No person shall be appointed to be or remain as a member of the Board if he—

is or becomes a full-time officer in any public listed company;

is or becomes an officer or a director of an entity that is licensed, registered, recognized or approved under the securities laws;

is or becomes a member of the Senate or House of

is convicted of a criminal offence involving fraud, dishonesty, corruption or violence;

is or becomes a bankrupt or suspends payment or compounds with his creditors; or

is or becomes involved in any activity which may interfere with his independence in discharging his functions.

The prohibition in paragraph (1)(a) shall not apply to a member of the Board who is from the Ministry that is charged with the responsibility for finance.”.