has had his estate sequestrated, has been adjudged bankrupt, has made an arrangement with his creditors, or has granted a trust deed for his creditors or made a composition contract;

is incapacitated by reason of physical or mental illness;

has been absent from meetings of the Commission for a period of more than 3 consecutive months without the permission of the Commission or of the Secretary of State; or

is otherwise unable or unfit to discharge the functions of a member of the Commission, or is unsuitable to continue as the chairman,