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. |
