The Principal Act is amended -

(a) in section 26, in subsections (1) and (6), by inserting ",59A" after "58" in each place where it occurs,

(b) by re-numbering section 59A (inserted by section 23 of the Act of 1996) as section 59AA,

(c) by inserting the following after section 59:

59A. Qualifications of trustees.

(1) A person shall not act as a trustee of a scheme where the person -

(a) is an undischarged bankrupt, or

(b) has made a composition or arrangement with his creditors and has not discharged his obligations under that composition or arrangement, or

(c) has been convicted of an offence involving fraud or dishonesty, or

(d) is a company and any director of the company is prohibited under this section from being a trustee of the scheme, or

(e) is a person in respect of whom a declaration under section 150 of the Companies Act 1990 has been made.

(2) Regulations shall -