Disqualification for being director.

A person shall be disqualified for being nominated as a director of the Corporation, if he—

1. (a) is an employee of the Corporation, not being the Managing Director, or
2. (b) is of unsound mind, and stands so declared, by a competent court, or
3. (c) is an undischarged insolvent, or
4. (d) is convicted of an offence involving moral turpitude within a period of five years immediately before his being nominated as a director.