Amendment status not verified — confirm the current text below against the official source.
T}I~ A$SAM GAZE'.M!E, EXTRAORDINARY, jAN; 9, 1987 . f3} The pcrs::>a appol.n.t:td. a :. Direo~rs under . clause {i), .( j), (k);· 0), (r&); (n) of s'ub-sectiQn (2) . of ·Section 4 shalt. ·unless " ~is·. term Ia determined earJier by State Government, h~Jd Q~ fot: ' peri04. of !i._ 1ears or until the expiry of h1s ter,JD o( ~m~ .as - ~tcted head of-the .loQa1 b~y concerned, wbieb.f¥"er -, eaeijer, bllLaluiil be eligible ·for 're-appointment. (-4) Any- I>irectqr m~y. by ~itjng, ad,dre11ed to the Go- ''ernmen~ re.$ign his oflic.e an!~ such - reaillD@.tion . takes- effect 'IOI.bcn · aoccl)fcid by G~vtrn~nt. · (S) . The cQQdjtio~s of. the senice . pf the Directors. shall be _· ioch as ma,y be . p~e~ciibed. ·. · (6) . A~y ...aqancy i!! the offiee of the Directors ma,y ·be fi.JjecJ lfy tb~ Qo'!ei!Dmerit hy appobiting ·.a Mh<>n poss!!Ssiag_ . the appropriate qualification . specified in Sectioh 4. ~~i-l'or 6i (1.) -A ~rso~. shall ·be _disqua)ifi,ed for being • appoin- appoint- ted as, and l9r betnK, a Dtrector of tlle . Bo~d.. tf ·he,- mcllt aa · · · Director of (a) 'has: been . sentenct:d ~r any offence .involving moral the aeard; turpitude, tuoh sentence not haviag bee,u reserved ; · · (b) ia: an uDdiacharg~d fuaolvent ; ( c;) it of 'un50und mind ; (d) it an oW<:er' or ' servaDt . of the Board ; (c) . h&ll diJec_tfy or. inditeotb, by h~~eJf cr by arny partner, emp.Jqy~:• or · eJDployee; a.~Y ahare or interest in any . contract or ·emplo~merit, with,· by or ori b~ba]f-of, the Board; (.f) w<• I>ir~or.· or a . Sect"etary, Manager or other Office~~ . ct( ~DY incor~r•ted .company which . bas ~ny share _or _iDterest ia an, con'tract or e~ploymeot with, by ·or on ~If of the . Boa...,q. " ·· . . . (-i) A person shall not be disqualified UDder clause {e) or claus·e (f) of sub-sectiOn ( 1) e>r be . deemed to 'have ·any ~hare . or iacerest in any contr;lot or employment within tu~ nicanj.Og or' Jboae . cl.t,Jsef, by' reasons ~qnly of his or the ·,incorporated .. company· of which he is a Direc~or, Secr~tary, · Manager or the Officer, having a _share ar mterest lD, - . (i) any aale, . purchase, leale or exchange of immo-- 'Yable propeny or .· any agretme•t for the -same ; . (H) any . agreemeat f•r the toan . of 'money. or any 100Utity fM tbe .. peyment of aoaey. only; THE ASSAM GAZETTE. EXTRAORDINARY. JAN. 9, 1987 35 (iii) any newspaper in which any advertisement relatincr to the affairs of the Board is inserted ; " {iv l the occasional sale to the Board, if the aum paid as consideration does not exceed two thouaand rupees in any year, of any article in which he or the incorporated com- pany regul&rly trades. (3 ) A person shall not also be disqualified . under claase {e) ol' clause (f) of '·sub-section (1) or be deemed to have any share or in1erest in any incorporated company whioh has an) sha F .~ or· interest in any contract or empbyment with, · by, or Gn behalf of the Board, by re.asori only of his being a share bolder of such compan~: Provided that such person discloses to the Government the nature and elltent of the shares held. by him. . .Esp1anation-For ·the purposes of clause (d) of aub- section (l ) the Chairman or the Managing Director or. any Director shall not be deemed to be an officer or employee of the Board. ' ' Remo':'al of