Industrial Finance Corporation Act, 1948
No person shall be a Director who--
1*[except in the case of 2*[the Chairman [3*or the Managing Director], is a salaried official of the
is, or at any time has been, adjudicated insolvent or has suspended payment 4*[of his debts] or has compounded with his creditors; or
is found to be a lunatic or becomes of unsound mind; or
is or has been convicted of any offence involving moral turpitude.