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.