6. A person is disqualified from holding or continuing to hold office as a governor of a federation if—
(a)he or she has been adjudged bankrupt or sequestration of his or her estate has been awarded and (in either case) he or she has not been discharged and the bankruptcy order has not been annulled or rescinded or a moratorium period under a debt relief order applies in relation to him or her; or
(b)he or she has made a composition or arrangement with, or granted a trust deed for, his or her creditors and has not been discharged in respect of it.