A person shall be disqualified for being chosen as and for being the [an Upadhyaksh] of the Board if he
(a) has been convicted of an offence involving moral turpitude;
(b) is an undischarged insolvent;
(c) is of unsound mind and stands so declared by a competent court;
(d) holds, except as provided in Sections 6 and 7, any office of profit under the Board;
(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 be-half of, the Board; or
(f) is a director or a secretary, manager or other officer or any 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 (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 of immovable property or any agreement for the same;
(ii) any agreement for loan of money or any security payment of money only;
(iii) any newspaper in which any advertisement relating to the affairs of the Board is published;
(iv) the occasional sale to the Board, up to a value mot exceeding ten thousand rupees in any one year, of nay article in which he or the company regularly trades.
Explanation.- A person shall not be deemed to have 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 a company which has such share or interest.