Persons disqualified for being trustees
29.—(1) Subject to paragraph (5), a person is disqualified for being a trustee of any trust scheme if—
(a)he has been convicted of any offence involving dishonesty or deception,
(b)he has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged,
(c)where the person is a company, if any director of the company is disqualified under this Article,
(d)where the person is a Scottish partnership, if any partner is disqualified under this Article,
(e)he has made an arrangement or a composition contract with, or granted a trust deed for the behoof of, his creditors and has not been discharged in respect of it, or
(f)he is subject to a disqualification order under Part II of the Companies (Northern Ireland) Order 1989(1) or to such an order under any corresponding enactment for the time being in force in Great Britain.
(2) In paragraph (1)—
(a)sub-paragraph (a) applies whether the conviction occurred before or after the coming into operation of that paragraph, but does not apply in relation to any conviction which is a spent conviction for the purposes of the Rehabilitation of Offenders (Northern Ireland) Order 1978(2),
(b)sub-paragraph (b) applies whether the adjudication of bankruptcy or the sequestration occurred before or after the coming into operation of that paragraph,
(c)sub-paragraph (e) applies whether the arrangement or composition contract was made, or the trust deed was granted, before or after the coming into operation of that paragraph, and
(d)sub-paragraph (f) applies in relation to orders made before or after the coming into operation of that paragraph.
(3) Where a person—
(a)is prohibited from being a trustee of a trust scheme by an order under Article 3, or
(b)has been removed as a trustee of a trust scheme by an order made (whether before or after the coming into operation of this paragraph) by the High Court on the grounds of misconduct or mismanagement in the administration of the scheme for which he was responsible or to which he was privy, or which he by his conduct contributed to or facilitated,
the Authority may, if in their opinion it is not desirable for him to be a trustee of any trust scheme, by order disqualify him for being a trustee of any trust scheme.
(4) The Authority may by order disqualify a person for being a trustee of any trust scheme where—
(a)in their opinion he is incapable of acting as such a trustee by reason of mental disorder (within the meaning of the Mental Health (Northern Ireland) Order 1986(3)), or
(b)the person is a company which has gone into liquidation (within the meaning of Article 6(2) of the Insolvency (Northern Ireland) Order 1989(4)).
(5) The Authority may, on the application of any person disqualified under this Article—
(a)give notice in writing to him waiving his disqualification,
(b)in the case of a person disqualified under paragraph (3) or (4) by order revoke the order disqualifying him,
either generally or in relation to a particular scheme or particular class of schemes.
(6) A notice given or revocation made at any time by virtue of paragraph (5) cannot affect anything done before that time.