(1) A person shall be disqualified for being nominated as, and for being, a member of the Board—
(a) if he holds any office of profit under the Board;
(b) if he is of unsound mind and stands so declared by a competent court;
(c) if he is an undischarged insolvent;
(d) if he has, directly or indirectly, by himself or by any partner, any share or interest in any contract with, by or on behalf of, the Board;
(e) if he is a Director or Secretary, Manager or other salaried officer of any incorporated company which has any share or interest in any contract with, by or on behalf of, the Board;
(f) if he has been convicted by a competent court for an offence involving moral turpitude.
(2) A person shall not, however, be disqualified under clause (d) or clause (e) of subsection (1), or be deemed to have any share or interest in any contract or employment within the meaning of the said clauses, by reason only of his or the incorporated company of which he is a Director, Secretary, Manager or other salaried officer, having a share or interest in—
(i) any newspaper in which any advertisement relating to the affairs of the Board is inserted;
(ii) any sale, purchase, lease or exchange of immovable property or any agreement for the same;
(iii) any agreement for any security for the payment of money only.
(3) A person shall not also be disqualified under clause (d) or clause (e) of sub section
(1), or be deemed to have any share or interest in any incorporated company which has any share or interest in contract with, by or on behalf of the Board, by reason only of his being a shareholder of such company:
Provided that such person discloses to the Government the nature and extent of the shares held by him.
Explanation:— For the purposes of clause (a) of sub-section (1), the Chairman shall not be deemed to be an officer or employee of the Board.