Disqualifications for office of director

A person shall be disqualified for being nominated as, and for being a director, if he-

1. (a) is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or
2. (b) is or unsound mind and stand so declared by a competent court; or
3. (c) is, or has been, convicted of any offence which, in the opinion of the State Government, involves moral turpitude or convicted under Protection of Civil Rights Act, 1955; or
4. (d) is, or has been, removed or dismissed from the service of any State Government or the Central Government or a Corporation owned or controlled by any State Government or the Central Government.