(1) A person shall be disqualified for being nominated as a non-official member or continue to be such member, if he,-
[(a) is an employee of the Corporation except the Executive Director,]
(b) is of unsound mind, and stands so declared by a competent Court,
(c) is an undischarged insolvent,
(d) is convicted for an offence involving moral turpitude,
(e) has, directly or indirectly by himself or by any partner, employer or employee any share or interest, whether pecuniary or of any other nature, in any contract or employment with, by or on behalf of the Corporation, or
(f) is a 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 Corporation:
Provided that, a person shall not be disqualified under clause (e) or clause (f) by reason only of his or the 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 or immovable property or any agreement for the same;
(ii) any agreement for loan of money or any security for payment of money only;
(iii) any newspaper in which any advertisement relating to the affairs of the Corporation is published.
(2) The Government may remove from the Corporation the non-official member who in its opinion,-
(a) has been disqualified under sub-section (1);
(b) refuses to act;
(c) has so abused his position as a member as to render his continuance on the Corporation detrimental to the interest of the public, or
(d) is otherwise unsuitable to continue as member.
(3) No order of removal under sub-section (2) shall be made unless the non-official member has been given an opportunity to submit his explanation to the Government, and when such order is passed the office of the member so removed shall be deemed to be vacant.
(4) A member who has been so removed under sub-section (3) shall not be eligible for reappointment as member or in any other capacity on the Corporation.