(1) A person shall not be qualified for appointment as actuary for the purposes of this Act to a scheme or regulatory own funds trust RAC -
(a) unless he possesses the prescribed qualifications, or
(b) if he is a member of a class of persons standing prescribed for the time being for the purposes of this section.
(2) A person shall not act as actuary to a particular scheme or regulatory own funds trust RAC at a time when he is disqualified under this Act for appointment to that office and, if an actuary of a scheme or regulatory own funds trust RAC becomes so disqualified during his term of office as such actuary, he shall thereupon vacate his office and give notice in writing to the trustees of the scheme or regulatory own funds trust RAC that he has vacated his office by reason of such disqualification.