Section 9: Disqualification of members of the Board.

(1) Notwithstanding the provisions of this Act, a person shall cease to hold office as a member of the Board if he-
(a) becomes bankrupt, suspends payment or compounds with his creditors;
(b) is convicted of a felony or any offence involving dishonesty or fraud;
(c) becomes of unsound mind, or incapable of carrying out his duties;
(d) is guilty of a serious misconduct in relation to his duties;
(e) in the case of a person possessing professional qualifications, is disqualified or suspended other than at his own request from practising his profession in any part of the world by an order of a competent authority made in that respect;
(f) resigns his appointment by a letter addressed to the President, through the Minister responsible for finance;
(g) is discovered to have significant interest in any insured institution in Nigeria in contravention of section 7 (3) of this Act; or
(h) is found to have failed to disclose to the Board, his interest or the interest of any family member or close associate, known to him in any insured institution at the time of his appointment.
(2) No director or employee of an insured institution shall, while in office, be appointed a director of the Corporation.