(1) An officer or servant shall avoid habitual indebtedness. If an officer or servant is adjudged or declared insolvent, or has incurred debts aggregating to a sum which, in ordinary circumstances, he could not repay within a period of two years or if a part of his salary is frequently attached for debt or has been continuously so attached for a period of two years, or is attached for a sum which in ordinary circumstances he could not repay within a period of two years, he may, unless he proves that the insolvency or indebtedness is the result of circumstances, which with the exercise of ordinary deligence, he could not have foreseen or over which he had no control, and has not proceeded from extravagant or dissipated habits, he should be presumed to have contravened this regulation. An officer or servant who applies to be or is adjudged or declared insolvent shall forthwith report his insolvency to the Managing Director of the Board.
(2) An officer or servant who has been removed from service on account of insolvency, shall not be eligible for re-employment under the Board, or any of its subordinate offices.