(1) A person shall be dtsquahfied for being appointed or for continuing as a member of the Board 1f he- ( a) holds any office or place of profit under the Boa't"d;
(b) ts of unsound mmd and stands so declared by a com petent court, a deaf-mute or a leper ;
(c)
(d) is, or at any ttme has been, adJudicated insolvent or has suspended payment of hts debts or has com pounded with his credttors ;
has directly or mdtreetly by himself, by his wtfe or son, or by any partner, any share or interest in any subststmg contract or employment wtth, by or on behalf of the Board ;
36
(e) Is a Director or a Secretary or a Manager or other salaned officer of any mcorporated company or any coM operative society. whiCh has any share or interest m any contract or employment w1th. by or on behalf of the Board.
(2) (a) A person shall not be d1squahfi'ed under clause
(a) of subMsection (1) by reason only of his bemg a member receiving any allowance as provided 1n subMsectton (3) of section 4.
(b) A person shall not be d1squAhfied under clause (d) or clam.e (e) of sub-section (1), or be deemed to have any share or mterest in any contract or employment w1thm the meamng of those clauses by reason only of h1s, or of the mcorporated company or of a co-operative society, of whiCh he 1s a Director, Secretary, Manager or other salaned officer, havmg a share or interest m any newspaper 1n wh1ch any advertisement relating to any affairs of the Board 15 inserted.
(c) A person shall not aho be disqualified under clau5e (d) or clause (e) of sub-section (1) or be deemed to have any share or interest many contract or employment w1th, by or on behalf of the Board by reason only of h1s bemg a shareholder of such company or society:
Provided that such person discloses to the Government the nature and extent of the share held by him from time to time.