Subject to the provisions of this section, a person shall be disqualified from being appointed or being a member of any local valuation panel if he is a person who—
has been adjudged bankrupt; or
has made a composition or arrangement with his creditors; or
has, within the five years immediately preceding his appointment or since his appointment, been convicted in the United Kingdom, the Channel Islands or the Isle of Man of any offence and ordered to be imprisoned for a period of three months or more without the option of a fine.
A disqualification attaching to a person by reason of subsection (1)(a) of this section shall cease—
if the bankruptcy is annulled on the ground that he ought not to have been adjudged bankrupt or that his debts have been paid in full, on the date of the annulment; or
if he is discharged with a certificate that the bankruptcy was caused by misfortune without any misconduct on his part, on the date of his discharge; or
in any other case, on the expiration of five years from the date of his discharge.
A disqualification attaching to a person by reason of subsection (1)(b) of this section shall cease—
if he pays his debts in full, on the date on which the payment is completed; or
in any other case, on the expiration of five years from the date on which the terms of the deed of composition or arrangement are fulfilled.
For the purposes of subsection (1)(c) of this section, the ordinary date on which the period allowed for making appeal from a conviction expires, or, if such an appeal is made, the date on which it is finally disposed of or abandoned or fails by reason of the non-prosecution thereof, shall be deemed to be the date of the conviction.