Cap. 618 Art. 9Disqualifi-cation.  Cap. 386.  S.L. 601.03.

(1) A person shall not be eligible to be appointed as

Chairman or as a member of the Committee, or to hold any office with the Fund, if he is the holder of a licence or other authorisation issued by the Authority or otherwise falls under the regulation or supervision of the Authority, or is a director, an officer or employee of such holder or other such person.

(2) Without prejudice to the provisions of sub-article (1), a person shall not be eligible to be appointed or to hold office as a member of the Committee, if he:

(a) is a member of the House; or

(b) is a Minister or Parliamentary Secretary; or

(c) is a Judge or Magistrate of the Courts of Justice; or

(d) is legally incapacitated or interdicted; or

(e) has been declared bankrupt or has made a composition or arrangement with his creditors; or

(f) has contravened any provision made by or under any law appearing to be designed for protecting members of the public against financial loss due to dishonesty, incompetence or malpractice concerned in the provision of financial services or in the management of companies; or

(g) has contravened anti-money laundering and counter-funding of terrorism laws; or

(h) is subject to disqualification under article 320 of the Companies Act; or

(i) is subject to black-listing as provided in the Public

Procurement Regulations; or

(j) has engaged in any business practice appearing to the Minister to be deceitful or oppressive or otherwise improper, whether unlawful or otherwise, or which otherwise reflects discredit on his method of conducting business or professional activities; or

(k) has engaged in or been associated with any other business practice or otherwise conducted himself in such a manner as to cast doubt on his competence or soundness of judgement; or

(l) has a financial or other interest as is likely to prejudicially affect the discharge of his functions; or

(m) has a conflict of interest, potential or otherwise, that is likely to prejudicially affect the discharge of his functions; or

(n) is otherwise not a fit and proper person to hold that office.

(3) In determining whether a person is a fit and proper person, the Minister shall have regard to that person’s probity, to his competence and soundness of judgement for fulfilling the responsibilities of that office, to the diligence with which he is fulfilling or is likely to fulfil those responsibilities and to whether the interests of any person are, or are likely to be, in anyway threatened by his holding that office.

(4) Any person whom the Minister has appointed or proposes to appoint as a member of the Committee shall, whenever requested by the Minister to do so, furnish to him such information as the Minister considers necessary for the performance of his duties under sub-articles

(2) and (3).

(5) If any person appointed or nominated for appointment as Chairman or as a member of the Committee is or becomes aware that he is not or is no longer eligible to hold such office, he shall immediately inform the Minister thereof and the reason therefor.

(6) The Minister shall immediately remove from office a member of the Committee if such member becomes ineligible to hold that office as such on any of the grounds set out in sub-articles (1) and (2).

(7) A member of the Committee may be relieved of office by the Minister on the ground of inability to perform the functions of his office, whether due to infirmity of mind or of body, or of misbehaviour, and for the purposes of this sub-article repeated and unjustified non-attendance of meetings may be deemed to amount to misbehaviour.

(8) Any member of the Committee may resign his office by letter addressed to the Minister.