The Chairman and other members of the Board shall hold office for such period, and shall be eligible for re-appointment under such conditions, as may be prescribed by the rules.
5. 1[Disqualification for becoming a member of the Board.]1—1[(1) A person shall be disqualified for being appointed as a member of the Board, and for being a member thereof, if, save as hereinafter provided, he has directly or indirectly by himself or his partner any share or interest in any work done by order of the Board or in any contract or employment with, or under, or by, or on behalf of, the Board.]1
(2) Nothing contained in sub-section (1) shall prevent a member from acquiring or holding any share or interest in any firm or company 2[x x x]2:
Provided that if the Board has entered into, or is about to enter into any contract or agreement with any such firm or company in which a member holds any share or interest, he shall disclose the fact and nature of such interest and he shall not be entitled to vote on any decision of the Board relating to such contract or agreement.
(3) A disclosure referred to in the proviso to sub-section (2) shall forthwith be recorded in the minutes of the Board and communicated to the State Government and the State Government may thereupon give such directions as it may deem proper.
1. Substituted by Act 6 of 1966 w.e.f. 17.3.1966.
2. Omitted by Act 6 of 1966 w.e.f. 17.3.1966.