Disqualification for Membership and removal of Members.

(1) A person shall be disqualified for being nominated as a non-official Member or continue to be such Member, if he,- (a) is an employee of the Corporation except the Managing Director; (b) is of unsound mind and stands so declared by a competent court; (c) is an undischarged insolvent; (d) is convicted for an offence involving moral turpitude; (e) has directly or indirectly by himself or by any partner, employer or employee, any share or interest, whether pecuniary or of any other nature, in any contract, or employment with, by or on behalf of the Corporation; or (f) is a Director, Secretary, Manager or other Officer of any company, which has any share or interest in any contract or employment with, by or on behalf of, the Corporation: Provided that, a person shall not be disqualified under clause (e) or clause (f) by reason only of his or the company in which he is a Director, Secretary, Manager or other Officer, having a share or interest in,- (i) any sale, purchase, lease or exchange or immovable property or any agreement for the same; (ii) any agreement for loan of any money or any security for payment of money only; (iii) any newspaper in which any advertisement relating to the affairs of the Corporation is published. (2) the Government may remove from the Corporation any non-official Member nominated by the Government, who, in its opinion,- (a) has been disqualified under sub-section (1);