(1)No banking company—(a)shall employ or be managed by a managing agent, or(b)shall employ any person—(i)who is or at any time has been adjudicated insolvent, or has suspended payment or has compounded with his creditors, or who is or has been convicted by a Criminal Court or an offence involving moral turpitude; or(ii)whose remuneration or part of whose remuneration takes the form of commission or of a share in the profits of the company; or(iii)whose remuneration is, according to the normal standards prevailing in banking business, on a scale disproportionate to the resources of the company; or(c)shall be managed by any person—(i)who is a director of any other company, not being a subsidiary company of the banking company; or(ii)who is engaged in any other business or vocation; or(iii)who has a contract with the company for its management for a period exceeding five years at any one time:Provided that the said period of five years shall, in relation to contracts subsisting on the 1st day of July, 1944, be computed from that date:Provided further that any contract with the company for its management may be renewed or extended for a further period not exceeding five years at a time if and so often as the directors so decide.
