Provided that such person discloses to the Government the nature and extent of the shares held by him.

Circumstances under which a director shall vacate his office If a (director) appointed by the Government or any “(Associate Director)- Circum s tances under which a (director) shall vacate his office

1. (a) ceases to have qualifications or ceases to hold office by virtue of which he became a (director)
2. (b) becomes subject to any disqualification referred to in section 6; or
3. (c) absents himself, without permission of the Chairman, from three consecutive meetings of the Board; the Government, in the case of a (director) and the Board in the case of an (Associate Director), may, after giving him a reasonable opportunity of showing cause, declare his office to be vacant.