Disqualification for appointment on Board.

Disqualification for appointment on Board. (1) A person shall be disqualified for being appointed or for continuing as the Chairman or member of the Board, if he,— (a) holds any office or place of profit under the Board, (b) is of unsound mind and stands so declared by a competent court, (c) is an undischarged insolvent, (d) has directly or indirectly by himself or by any partner, any share or interest in any contract or employment with, by or on behalf of the Board, or (e) is a Director or a Secretary, Manager or other salaried officer of any incorporated company which has any share or interest in any contract or employment with, by or on behalf of the Board. (2) A person shall not be disqualified under clause (d) or (e) of sub-section (1) or be deemed to have any share or interest in any contract or employment within the meaning of the said clauses, by reason only of his or the incorporated company of which he is a Director, Secretary, Manager or other salaried officer, having a share or interest in any newspaper in which any advertisement relating to the affairs of the Board is inserted. (3) A person shall not be disqualified under clause (d) or (e) of sub-section (1) or be deemed to have any share or interest in any incorporated company which has any share or interest in any contract or employment with, by or on behalf of, the Board, by reason only of his being a shareholder of such company: Provided that such person discloses to the State Government the nature and extent of the shares held by him.