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been awarded and (in either case) that person has not been discharged and the bankruptcy order has not been annulled or rescinded or a moratorium period under a debt relief order applies in relation to that person; or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