Disqualifications for office of director

A person shall be disqualified for being nominated as, and for being, a director, if he- (a) is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or (b) is of unsound mind and stands so declared by a competent court; or (c) is or has been, convicted of any offence which, in the opinion of the State Government, involves moral turpitude or convicted under the Protection of Civil Rights Act, 1955, or (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.