(1) Every person elected or nominated to be the Chairman shall within three months after his election or nomination absolutely sell or otherwise dispose of all shares in any Bank which he shall at the time of his election or nomination own or be interested in for his own benefit.
(2) If and whenever any shares in a Bank shall come to or vest in the Chairman by will or succession for his own benefit, he shall within three months after the same shall have so come to or vested in him, absolutely sell and dispose of the same or his interest therein.
(3) The Chairman shall not purchase, take, or become interested in for his own benefit any shares in any Bank.
(4) If the Chairman shall retain, purchase, take, or become or remain interested in any shares in any Bank in contravention of this section he shall be disqualified from holding the office of Chairman.
(5) In this section the word "bank" means a bank carrying on business in Saorstát Eireann or holding to the knowledge of the Chai