State Financial Corporations Act, 1951

12. Disqualification for being a Director

No person shall be a Director who-

(a) except in the case of Managing Director, is a salaried official of the Financial Corporation; or

(b) is or at any time has been adjudged insolvent or has suspended payment of his debts or has compounded with his creditors; or

(c) is found to be a lunatic or becomes of unsound mind; or

(d) is or has been convicted of any offence involving moral turpitude.

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