A person shall be disqualified for being appointed or for continuing as a member of the Board, if he,-
(a) has been removed or dismissed from the service of Central or State Government or of local authority or of a corporation owned or controlled by that Government;
(b) has been convicted for an offence involving moral turpitude; or (c) is an undischarged insolvent; or
(d) has directly or indirectly any share or interest in any work done by order of the Board or in any contract or employment with, by or on behalf of, the Board:
Provided that, no person shall be deemed to have share or interest in such work, contract or employment by reason only of his,-
(i) having a share in any company or firm which may contract with or be employed by or on behalf of the Board; or
(ii) having a share or interest in any newspaper in which any advertisement relating to the affairs of the Board may be inserted; or
(iii) being interested in any loan of money to the Board; or (iv) having a share or interest in any lease, sale, exchange or purchase of immoveable property or any agreement for the same; or
(v) having a share or interest in any licence by the Board or right by agreement or otherwise with the Board, to the sole or preferential use of any premises or property belonging to the Board; or
(vi) having a share or interest in the occasional sale by the Board of a value not exceeding ten thousand rupees in any one financial year of any article in which he trades.