Mutual Banks Act, 1993 (Act No. 124 of 1993)

Chapter IV : Administration of Mutual Banks

38. Disqualifications of directors

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Any of the following persons shall be disqualified from being appointed or holding the office of a director of a mutual bank namely—

(a)a minor or any other person under legal disability;
(b)save under the authority of the court—
(i)an unrehabilitated insolvent;
(ii)any individual who has at any time been convicted, whether in the Republic or elsewhere, of theft, fraud, forgery or uttering a forged document or perjury, and has been sentenced in respect thereof to a period of imprisonment without the option of a fine or to a fine exceeding one hundred rand;
(iii)any person who has been removed from an office of trust on account of misconduct;
(c)any auditor of the mutual bank or any person in his employment.