Section 18: Disqualifications of directors of Board

18. Disqualifications of directors of Board.___ No person shall be appointed or hold office as director of the Board, who— (a) has been convicted by a competent court for tax evasion or has been convicted for fraud, misappropriation or siphoning of funds or has been convicted by a court of law for an offence involving moral turpitude; (b) has been deprived of the right to hold a position of financial responsibility by a regulatory authority or a competent court of law; (c) is a person declared insolvent by a competent court of law; (d) is in the services of Pakistan or other employee of the Government; (e) is a public sector person; and (f) has been convicted by a competent court of law for any crime involving dishonesty, even if pardoned. Explanation:___For the purpose of this section, the expression “public sector person” means a person who is in the service of Pakistan or a member of Majlis-e-Shora (Parliament) or Provincial Assembly or in the service of any statutory body or entity which is owned or controlled by the Federal Government or a Provincial Government not including a university or an educational institution.

Effective date: 2023-08-04

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