Non-official directors shall be paid such fees and allowances as may be prescribed for attending the meetings of the Board or of any of its committees and for attending to any other work of the Board.

Disqualifications for appointment as Non-Official Chairman or Director of the Board Disqualifications for appointment as Non-Official Chairman or Director of the Board.

1. (1) . No person shall be eligible for being appointed as Non-Official Chairman or as wholetime Director or nominated as a non-official director if he
   • (a) . has been removed or dismissed from the service of the Central or State Government or of a local authority or of a Corporation or Company owned or controlled by the Central or State Government, or
   • (b) . is or at any time has been adjudicated as an insolvent or has suspended payment of his debts or has compounded with his creditors; or
   • (c) . is of unsound mind and stands so declared by a competent court; or
   • (d) . has been convicted of any offence, which in the opinion of the Government involves moral turpitude; or
   • (e) . in the case of nomination as a non-official Chairman or nomination as a Non-Official Director, is an employee of the Board or of the Central or State Government or of a local authority or of a corporation or company owned or controlled by the Central or State Government; or
   • (f) . having directly or indirectly, by himself or by any partner any share or interest in any subsisting contract made with, or any work being done for the Board; or
   • (g) . is a Director or a Secretary, Manager or other Officer of any incorporated company which has any share or interest in any subsisting contract made with, or any work being done for, the board.
2. (2) . If the Non-Official Chairman or whole time Director or non-official director
   • (a) . becomes subject to any of the disqualifications mentioned in clauses
   • (a) to
   • (g) of sub-section (1), or
   • (b) . is absent without leave of the Board for more than three consecutive meetings thereof, he shall cease to be such Chairman or director or non-official director.
3. (3) . A person shall not be disqualified under clause
   • (f) or clause
   • (g) of sub-section
4. (1) or be deemed to have any share or interest in any contract within the meaning of those clauses, by reason only of his or his partner of the incorporated company of which he is a Director, Secretary, Manager, or other Officer, having a share or interest in
   • (i) . any sale, purchase, lease, or exchange of immovable property or any agreement for the same.
   • (ii) . any agreement for the loan of money or any security for the payment of money only.
   • (iii) . any newspaper in which any advertisement relating to the affairs of the Board is inserted.
   • (iv) . the occasional sale to the Board, if the sum paid as consideration does not exceed two thousand rupees in any one year of any article in which he or his partner of the incorporated company regularly trades.
5. (4) . A person shall not also be disqualified under clause
   • (f) or clause
   • (g) of sub-section
6. (1) or be deemed to have any share or interest in any contract with, by on behalf of, the Board, by reason only of his being a shareholder of such company: