Section 826: Qualification of trustees.

(1) A person shall not be qualified to be appointed or act as a trustee if—
(a) he is an infant;
(b) he is a person of unsound mind having been so found by a court;
(c) he is an undischarged bankrupt; or
(d) he has been convicted of an offence involving fraud or dishonesty within five years of his proposed appointment.
(2) If a person disqualified under subsection (1) (c) or (d) acts as a trustee, he shall be liable to a penalty for every day during which he so acts, the penalty shall be determined in accordance with regulations made by the Commission from time to time.