A person shall be disqualified for being chosen as and for being the Chairman or other member of Nigam 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 Nigam :
(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 behalf of the Nigam; or
(f) is a director or 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 Nigam :
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 for payment of money only;
(iii)- any newspaper in which any advertisement relating to the affairs of the Nigam is published;
(iv)- the occasional sale to the Nigam up to a value not exceeding ten thousand rupees in any one year, of any article in which he or the company regularly trades.