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2. A person shall be disqualified for holding, or for continuing to hold, office as a member of a foundation body if—
(a)he has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged and the bankruptcy order has not been annulled or rescinded;
(b)he has made a composition or arrangement with, or granted a trust deed for, his creditors and has not been discharged in respect of it.
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