(1) A person shall be disqualified for being appointed or continuing as a member of the Board if he;
(a) holds, except as provided in sections 5 and 6, any office of profit under the Board;
((b) is of unsound mind;
(c) is an undercharged insolvent;
(d) has been convicted for an offence involving moral turpitude;
(e) has directly or indirectly by himself or be 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 behalf of the Board;
(f) is a director, secretary, manager or other salaried officer of any incorporated company which has any share or interest in any contract or employment with, by or on behalf of the Board.
(2) A person shall not be disqualified under clause (e) or clause (f) of sub-section (1) or be deemed to have any share or interest in any contract or employment within the meaning of the said clauses, by reason only of his or the incorporated company of which he is a director, secretary, manager or other salaried officer, having a share or interest in-
(a) any sale purchase, lease or exchange of immovable property or any agreement for the same:
(b) any agreement for loan of money or any security for payment of money only;
(c) any newspaper in which any advertisement relating to the affairs of the Board is published;
(d) the occasional sale to the Board, up to a value not exceeding ten thousand rupees in any one year, of any article in which he or the company regularly trades.
Explanation- A person shall not 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.