Section 8. Disqualifications for appointment on the Board

(1) A person shall be disqualified for being appointed or for continuing as member of Board, if he– (a) has been convicted by a criminal court for an offence involving moral turpitude, unless such conviction has been set aside; (b) is an undischarged insolvent; (c) is of unsound mind; (d) has directly or indirectly, by himself or by any partner, employer or employee, any share or interest in any contract or employment with, by or on behalf of, the Board; or (e) is a Director or Secretary, Manager or other salaried officer of any incorporated company which has any share or interest in any contract or employment with, by or on behalf of the Board. (2) A person shall not be disqualified under clause (d) or clause (e) of sub-section (1) or be deemed to have any share or interest in any incorporated company which has any share or interest in any contract or employment with by or on behalf of the Board, by reason only of his being a shareholder of such company: Provided that such person discloses to the Government the nature and extent of the shares held by him.