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

Chapter IV : Administration of Mutual Banks

Purchase

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.