(1) A person who -
(a) is adjudicated bankrupt,
(b) makes a composition or arrangement with creditors,
(c) was at any time personally liable pursuant to section 22 in respect of his conduct in the carrying out of his duties as a trustee of a trustee savings bank,
(d) is sentenced to imprisonment for a term of not less than 6 months, or
(e) is convicted of an offence involving fraud or dishonesty,
shall be disqualified for being a trustee of a trustee savings bank.
(2) A trustee of a trustee savings bank who -
(a) is adjudicated bankrupt,
(b) makes a composition or arrangement with creditors,
(c) is personally liable pursuant to section 22 in respect of his conduct in the carrying out of his duties as such a trustee,
(d) is sentenced to imprisonment for a term of not less than 6 months, or
(e) is convicted of an offence involving fraud or dishonesty,
shall forthwith become and be disqualified for being such a trustee.