(1) A person shall not be appointed or elected, or accept appointment or election, as a director, chief executive officer or employee of a bank, if that person
(a) has been declared to be of unsound mind or is detained as a criminal lunatic under any law in force in Ghana,
(b) has been declared insolvent, has entered into terms with any person for payment of that person's debt or has suspended payment of the person's debt,
(c) is convicted of an offence involving fraud, dishonesty or moral turpitude,
(d) has been a director or manager or associated with the management of an institution which is being or has been wound up by a court of competent jurisdiction due to offences committed under a law or a bankruptcy,
(e) is a director of another bank,
(f) is under the age of eighteen years, or
(g) is not, in the opinion of the Bank of Ghana, a fit and proper person to be a director.
(2) Where a person is subject to a disqualification under subsection (1) that person shall immediately cease to hold office and the bank shall immediately terminate the appointment of that person.
(3) A person who contravenes a provision of subsection (1) commits an offence and is liable on summary conviction to a fine not exceeding 250 penalty units or to a term of imprisonment not exceeding 12 months.