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.