Section 12: Disqualifications for being a director.

The State Financial Corporations Act, 1951Central Act · Act 63 of 1951

[12. Disqualifications for being a director.--No person shall be a director, if he--

(a) has been found to be of unsound mind by a court of competent jurisdiction and the finding is in force; or

(b) is or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or

(c) has been convicted by a court of any offence involving moral turpitude and sentenced in respect thereof to imprisonment of not less than six months and a period of five years has not elapsed from the date of expiry of the sentence; or

(d) is elected by the persons referred to in clause (d) of sub-section (3) of section 4 but not registered as shareholder in his own right of unencumbered shares of a nominal value of not less than ten thousand rupees in the Financial Corporation; or

(e) has not paid any call in respect of shares of the Financial Corporation held by him, whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of the call.]

Where this provision sits

Act	The State Financial Corporations Act, 1951
Section	12
Marginal note	Disqualifications for being a director.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Act 39 of 2000. . Subs. by Act 39 of 2000, s. 9, for sections 11 and 12 (w.e.f. 5-9-2000).

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