(1) A person shall be disqualified for being appointed as, and for being a member of the Board if he-
(a) Has been convicted by a criminal court for an offence involving moral turpitude, unless, such conviction has been set aside,
(b) is an applicant to be adjudicated a bankrupt or insolvent or is an uncertificated bankrupt or undischarged insolvent,
(c) holds any office or place of profit under the Board,
(d) Has directly or indirectly, by himself or by any partner, employer or employee any share or interest in contract or employment with, by or on behalf of, the Board.
(e) is a director or a secretary manager or other salaried officer or any incorporated company which has any share or interest in contract or employment with by or on behalf of the Board, or
(f) Is of unsound mind :
Provided that nothing contained in clause (c) shall apply to the Chairman.
(2) A person shall not however, be disqualified under clause (d) or clause
(e) of sub-section (1) or be deemed to have any share or interest in any contract or employment within the meaning of those clause, by reason only of his or the incorporated company of 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 1212 | P a g e
(ii) Any agreement for the loan of money or any security for the payment of money only,
(iii) Any newspaper in which any advertisement relating to the affairs of The Board of inserted, and
(iv) The occasional sale to the Board to a value not exceeding two thousand rupees in any one year, of any article in which he or the incorporated company regularly trades.
(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 incorporated company which has any share or interest in any contract or employment will, by on behalf of the Board, the board by reason only of his being a share holder of such company:
Provided that such person discloses to the Government the nature and extent of the Shares held by him.