Cap. 331 Art. 53Disqualification orders.

(1) The court, upon the application of the Authority, may make a disqualification order against any person who is found guilty of an offence under this Act or any other law, other than an offence punishable only with a fine, or who has infringed any requirement of this Act.

(2) The court, upon the application of the Authority or any interested person, may also make a disqualification order against any person if it is satisfied that his conduct as a trustee of a trust, either taken alone or taken together with his conduct as a trustee of any other trust or trusts, makes him unfit to be a trustee.

(3) A disqualification order made under this article may be for a minimum period of one year and a maximum period of fifteen years.

(4) For the purposes of this article, a disqualification order is an order whereby a person shall not, without leave of the court -

(a) be a trustee of a trust or a private foundation; or

(b) be delegated any functions, duties or powers of a trustee; or

(c) perform or exercise any functions or otherwise act in a fiduciary capacity in relation to a mandate, trust or a private foundation.

(5) A notice of a disqualification order made under this article shall -

(a) be delivered by the Registrar of Courts to the Authority;

(b) be furthermore recorded in a register to be kept for this purpose by the Authority and which shall be open for public inspection.

(6) Any person who, while being subject to a disqualification order, acts in contravention thereof, shall be guilty of an offence and liable on conviction to a fine (multa) of not more than forty-seven thousand euro (€47,000) or imprisonment for a term not exceeding three years or to both such fine and imprisonment.

(7) The provisions of this article shall be without prejudice to any other offences or remedies which may exist under any other law.