(1) A person shall be disqualified for being appointed or nominated, or for continuing, as a Director of the Corporation,-
(a) if he is or at any time has been adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors;
(b) if he is of unsound mind and stands so declared by a competent court;
(c) if he is or has been convicted of any offence which in the opinion of the Government involves moral turpitude; 3[or]
(d) if he, having held any office under the State Government or Central Government, any local authority, any Government Company or any corporate body owned or controlled by the State Government or Central Government, has been removed or dismissed from service 4[.]
5[(e) X X X X X X]
(2) If a Director becomes subject to any disqualification specified in sub-section (1) his seat shall there-upon become vacant.