7.—(1) Subject to the provisions of this article, a person shall be disqualified for holding, or for continuing to hold, office as a member of the Forum if he has been adjudged bankrupt or has made a composition or arrangement with his creditors; and a member, on becoming so disqualified, shall give written notice of the fact to the secretary to the Forum.
(2) Where a person is disqualified by reason of his having been adjudged bankrupt, that disqualification shall cease—
(a)unless the bankruptcy order made against that person is previously annulled, on his discharge from bankruptcy; and
(b)if the bankruptcy order is so annulled, on the date of the annulment.
(3) Where a person is disqualified by reason of his having made a composition or arrangement with his creditors and he pays his debts in full, the disqualification shall cease on the date on which the payment is completed and in any other case it shall cease on the expiration of three years from the date on which the terms of the deed of composition or arrangement are fulfilled.