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4.—(1) If the Secretary of State is satisfied that a member of the Corporation—
(a)has been absent from meetings of the Corporation for a period longer than three consecutive months without the permission of the Corporation;
(b)has become bankrupt or made an arrangement with his creditors;
(c)is incapacitated by physical or mental illness; or
(d)is otherwise unable or unfit to discharge the functions of a member;
the Secretary of State may declare his office as a member to be vacant; and thereupon the office shall become vacant.
(2) In the application of the preceding paragraph to Scotland, for the references in subparagraph (b) to a member's having become bankrupt and to a member's having made an arrangement with his creditors there shall be substituted respectively references to sequestration of a member's estate having been awarded and to a member's having made a trust deed for behoof of his creditors or a composition contract.
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