(1)A person shall be disqualified for being appointed or continuing [as the Chairman or member] [Substituted by Act No.4 of 1984.] 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)subject to the provisions of sub-section (2) has directly or indirectly by himself or his partner or if he belongs to a joint Hindu Family by any member of such family any share or interest in any contract (except as a shareholder other than a Director in a Company) or employment with, by or on behalf of the Board.
