A person shall be dis qualified for being appointed or for continuing as the Chairman or member of the Board constituted under this Act, if he-
(a) is, or at any time has been, adjudged insolvent, or
(b) is of unsound mind and has been so declared by a competent court, or
(c) is, or has been, convicted of an offence which, in the opinion of the State Government, involves moral turpitude, unless such conviction has been set aside, or
(d) is, or at any time has been convicted of an offence under this Act, unless such conviction has been set aside, or
(e) is an officer or servant of the Board, or
(f) has directly or indirectly by himself or by any partner employer or employee, any share or interest in any contract or employment with, by or on behalf of the Board, or
(g) is a Director or a Secretary, Manager or other salaried officer or employee of any incorporated company which has any share or interest in any contract or employment with, by or on behalf of the Board:
Provided that a person shall not be disqualified under clause (f) or clause (g) 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, the firm of which he is a partner or the incorporated company of which he is a Director, Secretary, Manager or other salaried officer, having a share or interest in-
(i) any sale, purchase, lease or exchange of immovable property or any agreement for the same;
(ii) any agreement for the loan of money or any security for the payment of money only:
(iii) any newspaper in which any advertisement relating to the affairs of the Board is printed or published; or
(iv) the occasional sale to the Board upto a value not exceeding two thousand rupees in any one year, of article in which he, the firm or the incorporated company regularly trades:
Provided further that a person shall not also be disqualified under clause (f) or clause (g) or be deemed to have any share or interest in an incorporated company which has any share or interest in any contract or employment with, by or on behalf of, the Board, by reason only of his being a shareholder of such company if such person discloses to the Government the nature and extent of the shares held by him.
Explanation. - For the purpose of clause (e), the Chairman or the Housing Commissioner shall not be deemed to be an officer or servant of the Board.