(1) Subject to the provisions of this section, a person shall be disqualified for being appointed or continuing as the President, the Vice-President or the non-official member of the Authority, if he-
(a) holds any office of profit under the Authority,
(b) is of unsound mind, and stands so declared by a competent court,
(c) is an uncertificated bankrupt or an undischarged insolvent,
(d) has directly or indirectly by himself or by any partner, any share or interest in any contract or employment with, by or on behalf, of the Authority,
(e) is a Director or a Secretary, Manager or other salaried officer of any incorporated company which has any share or interest in any contract or employment with, by or on behalf of, the Authority, or
(f) has been or is convicted of any offence involving moral turpitude.
(2) A person shall not be disqualified under clause (a) of sub-section (1), by reason only of being a President or a Vice-President, and, in the case of a representative of the employees by reason only of being an employee of the Authority.
(3) A person shall not, however, be disqualified under clause (d) or (e) of sub-section (1), or be deemed to have any share or interest in any contract or employment within the meaning of these clauses, by reason only of his, or the incorporated company of which he is a Director, Secretary, Manager or other salaried officer having a share or interest in any newspaper in which any advertisement relating to the affairs of the Authority is inserted.
(4) A person shall not also be disqualified under clause (d) or (e) of sub-section (1) or be deemed to have any share or interest in any incorporated company which has any share or interest in any contract or employment with, by or on behalf of, the Authority, by reason only of his being a shareholder of such company ;
Provided that, such person discloses to the State Government the nature and extent of the shares held by him.