(1) The men t shall ho ld Go vernm ent.
(2) The Di rec tor s deem ed to be viso to sub -sectio n (1) of Section 12 an nu al ge ne ral by the ple asu re State Go vernof th e St at e elected un de r the Pr oshal l re tir e in the firs t
(3) O ne th ird of the elected Direc tor s, or if th ei r nu m be r is n ot a mul tip le of thr ee , th e nu m be r ne ares t to one th ird, sha ll re tir e by ro ta tio n a t eve ry annu a) general meeting.
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(4) Th e elected Directors to ret ire by rot ation at every an nu al genera l mee ting sha ll be those who hav e been long est in office since their las t election and as betw een per sons who were elected Directors on the same day, those who are to ret ire shal l, in default of and subje ct to a ny agr eem ent amo ng themselves , be det erm ined by lot.
(5) Th e vacancies in the office of elec ted Directors due to ret ireme nt shal l be filled by elections held in an an nu al gen era l mee ting.
(6) Casual vacancies in the office of elected Direc tors due to resigna tion , death or otherw ise, shall be filled w ithin three mon ths from the da te of such vacancies arise by election either at an annual genera l mee ting or at a specia l General mee ting , as the case may be, an d a Direc tor so elected to fill the casual vacancy shall hold office for the une xpi red portio n of the term of his predecessor.
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(7) No elec ted Dir ector who resigns or ret ire s or is othe rwise removed due to any disqualif icatio n shall be elligib le for re-e lectio n as a Direc tor either in the annual general meetin g in which he retir es, or which follows his resig nation or removal or in the next five annual gen era l meetings following such an nu al gen era l mee ting :
Provide d th at nothing in this sub-section shal l app ly to any person ret irin g as a Director eith er after hav ing been elec ted to fill a casual vac ancy for less th an two years unde r sub-section (5) or afte r bein g deem ed to be elected un de r the first proviso to sub-section (1) of Section 12 . 1 Disquali fi cations.
Vacation and resignat ion o f office by Directors.
14. No person sha ll be a Direc tor who—
(a) is of unsound mi nd and stands so decla red by a com petent court ; or
(b) is or has been convicted of an y offence which, in the opin ion of the Sta te Government , involves moral turpit ude.