A person who is an undischarged bankrupt or who has been convicted on indictment of any offence involving fraud or dishonesty shall not -
(a) sign an application form for registration of a credit union; or
(b) act as a member of the committee of a credit union; or
(c) directly or indirectly take part in or be concerned in the management of a credit union; or
(d) permit his name to be put forward for election or appointment to any office in a credit union;
and where a person holding any office in a credit union becomes ineligible by virtue of this section to hold that office, he shall forthwith cease to hold that office.