LSAT Logical Reasoning Question of the Day

A medical degree is necessary for appointment to the hospital's board of directors. Further, no one having more than a five-percent equity stake in a pharmaceutical company can be appointed to the board of directors. Consequently, Dell, a practicing physician with a PhD in bioethics, cannot be appointed the hospital's treasurer, since he owns fifteen percent of PillCo, a pharmaceutical company.

The argument’s conclusion follows logically if which one of the following is assumed?