A person shall be disqualified to be appointed as and for being a member of the Board, if he––
(a) has been convicted of an offence which, in the opinion of the Government, involves moral turpitude ; or
(b) is an undischarged insolvent ; or
(c) is physically or mentally incapable of acting as such member ; or
(d) in the opion of the Government has failed to act or has become incapable of acting in the best interests of the Board or has so abused his position as the member, as to render his continuance as such detrimental to the interests of the Board or the general public ; or
(e) has directly or indirectly by himself or by any partner or employer or employee any share or interest, whether pecuniary or otherwise in any contract or employment with, by or on behalf of the Board ; or
(f) as Director, Secretary, Manager or other officer of any company which has any share or interest in any contract or employment with, by or on behalf of the Board :
Provided that a person shall not be disqualified under clause (f) by reason only of his or the company in which he is a Director, Secretary, Manager or other officer having a share or interest in
(i) any sale, purchase, lease or exchange of immovable property or any agreement for the same ; or
(ii) any agreement for loan of money, or any security for payment of money only ; or
(iii) any newspaper in which any advertisement relating to the affairs of Board is published ; or
(iv) an occasional sale to the Board up to a value not exceeding ten thousand rupees in any year, of any article in which he or the company regularly trades.
Explanation.––A person shall not be deemed to have any share or interest in any contract or employment with, by or on behalf of, the Board by reason only of his being a shareholder of the company which has such share or interest.