Section 15: Qualifications and disqualifications of Directors

15. Qualifications and disqualifications of Directors.__ (1) No person shall be or shall continue to be a Director who__ (a) is or has at any time been convicted of an offence which in the opinion of the 1[Federal Government] is an offence involving moral turpitude; (b) is found to be lunatic or becomes of unsound mind; (c) is for the time being disqualified for membership of any elective body under any law for the time being in force ; (d) is a salaried official of the Corporation, other than the Managing Director ; (e) is or at any time has been adjudicated an insolvent or has suspended payment or compounded with his creditors ; (f) without leave of absence from the Board, absents himself from all the meetings of the Board for a continuous period of six months or, if less than three meetings are held within such period, from three consecutive meetings of the Board ; (g) in the case of an elected Director, ceases to hold in his own right the minimum number of shares required to qualify him for election ; (h) ceases to represent the constituent institution which nominated him as its representative. (2) No person shall be elected or qualified for election as Director who__ (a) is in the service of Government ; (b) does not hold in his own right unencumbered shares of the Corporation of the nominal value of twenty­five thousand rupees. 1Subs. by F.A.O., 1975, Art. 2 and Table, for “Central Government”.

Effective date: 1966-01-01

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