27. Suspension of trustees and offence.
The Principal Act is hereby amended by the insertion after section 63 of the following sections:
"Suspension of trustees.
(1) The Court may, on application to it by the Board, make an order on such terms and subject to such directions as to notification of relevant parties as it may think suspending a trustee of a scheme from being a trustee of the scheme to which the application relates -
(a) pending completion of an investigation by or on behalf of the Board into the state and conduct of the scheme,
(b) where proceedings have been instituted against him for an offence involving dishonesty or deception and have not been concluded,
(c) where a petition has been presented to the Court for an order adjudging him bankrupt and proceedings on the petition have not been concluded,
(d) where the trustee is a company, if a petition for the winding up of the company has been presented to the Court and proceedings on the petition have not been concluded,
(e) where an application has been made to the Court for a disqualification order against him under Part VII of the Companies Act, 1990, and proceedings on the application have not been concluded, or
(f) where the trustee is a company and, if any director were a trustee, the Court would have power to suspend him under paragraph (b), (c) or (e).