A person does not qualify to be a member of a governing body of a scheme unless he has not under the laws of this country or any other country

(a)   been adjudged or otherwise declared insolvent or bankrupt without being discharged;

(b)  made an assignment to, arrangement or composition with creditors which has not been rescinded or set aside;

(c)  been convicted of an offence involving corruption, fraud or dishonesty; or

(d)  been found liable for misconduct or mismanagement while in any employment.