(1) A person shall be disqualified for being appointed or for continuing as a member of the Board, if he-
(a) holds any office or place of profit under the Board,
(b) is found to be a lunatic or becomes of unsound mind,
(c) is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors,
(d) has directly or indirectly by himself, by his wife or son, or by any partner, any share or interest in any subsisting contract or employment with, by or on behalf of the Board, or
(e) is a Director or a Secretary or a Manager or other salaried officer of any incorporated company or any co-operative society which has any share or interest in any contract or employment with, by or on behalf of the Board.
(2) (a) A person shall not, however, be disqualified under clause (a) of sub-section (i) by reason only of his being a member receiving allowance as provided in section 10;
(b) a person shall not be disqualified under clause (d) or (e) of subsection (1) or be deemed to have any share or interest in any contract or employment within the meaning of those clauses by reason only of his, or of the incorporated company or of a co-operative society 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 any affairs of the Board is inserted;
(c) a person shall not also be disqualified under clause (d) or (e) of sub-section (1) or be deemed to have any share of interest in any contract or employment with, by or on behalf of the Board by reason only of his being a shareholder of a company or society having any such share or interest as is referred to in either of those two clauses:
Provided that such person discloses to the State Government the nature and extent of the share held by him from time to time.