Disqualification of office of director

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

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