9.—(1) Where a person is disqualified under regulation 8(1)(b) by reason of his estate having been sequestrated—
(a)if the sequestration is recalled such disqualification shall cease to have effect on the date of the granting of the recall; or
(b)the disqualification shall cease to have effect on the date of his discharge.
(2) Where a person is otherwise disqualified under regulation 8(1)(b) if 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 expiry of five years from the date on which the disqualification arose.
(3) Subject to paragraph (4), where a person is disqualified under regulation 8(1)(c) (dismissed employees) he may, after the expiry of a period of not less than two years, apply in writing to the Secretary of State to remove the disqualification and the Secretary of State may direct that the disqualification shall cease.
(4) Where the Secretary of State refuses an application to remove a disqualification no further application may be made by that person until the expiration of two years from the date of the application.
(5) Where a person is disqualified under regulation 8(1)(d) (certain chairmen and directors whose appointments have been terminated), the disqualification shall cease on the expiry of the period of two years or such longer period as the Secretary of State specifies when terminating his appointment but the Secretary of State may on application being made to him by that person reduce the period of disqualification.