Amendment status not verified — confirm the current text below against the official source.
A person shall be disqualified for being chosen as, or for being, a member of the board of directors of a State Warehousing Corporation who-- (i) is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or (ii) is or has been convicted of any offence involving moral turpitude; or (iii) has been removed or dismissed from the service of Government on a charge of corruption or bribery; or (iv) except in the #case of the managing director, is a salaried official of the Board or of the Central Warehousing Corporation or a State Warehousing Corporation; or (v) has directly or indirectly any interest in subsisting contract made with, or in any work being done for, the State Warehousing Corporation except as a shareholder (other than a director) in any public company as defined in the Companies Act, 1956 (Act 1 of 1956): Provided that where any such person is a shareholder, he shall disclose to the Warehousing Corporation the nature and extent of the shares held by him in such company.