(1)
A person shall not be qualified to be appointed or act as a trustee if—
(a)
he is an infant ;
(b)
he is a person of unsound mind having been so found by a court ;
(c)
he is an undischarged bankrupt ; or
(d)
he has been convicted of an offence involving fraud or dishonesty within five years of his proposed appointment.
(2)
If a person disqualified under subsection (1) (c) or (d) acts as a trustee, he shall be liable to a penalty for every day during which he so acts, the penalty shall be determined in accordance with regulations made by the Commission from time to time.