A person shall be disqualified to be appointed as, and for being the Chairman or other member of the Corporation, if he:
(a) has been convicted of an offence which in the openion of the State Government involves moral turpitued; or
(b) is an undercharged insolvent; or
(c) is physically or mentally incapable of acting as such member; or
(d) in the opinion of the State Government has failed to act or has become incapable of acting in the best interests of the Corporation or has so abused his position as the the Chairman or other member, as to render his continuance as such detrimental to the interests of the Corporation or the general public; or
(e) has directly or indirectly by himself or by any partner, employer or employee has any share or interest. whether pecuniary or of any other nature, in any contract or employment, with, by or on behalf of the Corporation; or
(f) is a director, secretary, manager or other officer of any company which has any share or interest in any contract or employment, with, by or on behalf of the Corporation: provided that a person shall not be disqualified under clause (e) or clause (f) by reason only of his or the company in 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 for payment of money only;
(iii) any news-paper in which any advertisement relating to the affairs of Corporation is published;
(iv) an occasional in the Corporation up to a value not exceeding ten thousand rupees in any year, of any article in which he or the company regularly trades;
Explanation- A person shall not be deemed to have to any share or interest in any contract or employment with, by or on behalf of the Corporation by reason only of his being a share-holder of the company which has such share of interest.