(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.(2)A person shall not be deemed to have incurred disqualification under clause (d) of sub-section (1) by reason only of his-(a)receiving pension from the Board;(b)having any share or interest in-(i)any lease, sale, exchange or purchase of land 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)any joint-stock board or any society registered or deemed to be registered [under the Andhra Pradesh (Andhra Area), Co-operative Societies Act, 1932 (Act VI of 1932) or] [Inserted by Act No.15 of 1962. [This Act was repealed by Act No.7 of 1964.]] which shall contract with or be employed by the Chairman or any Officer on behalf of the Board;(v)[ the occasional sale to the Chairman or any officer on behalf of the Board of any article in which he regularly trades, of a value not exceeding in the aggregate in any financial year one thousand rupees;] [Inserted by Act No.4 of 1984.](vi)the occasional letting out on hire to the Board or hiring from the Board of any article for an amount not exceeding in the aggregate in any one financial year five hundred rupees;(c)occupying as a tenant for the purpose of residence any premises belonging to the Board.
