Amendment status not verified — confirm the current text below against the official source.
Disqualification for office of director of the Central Warehousing Corporation. A person shall be disqualified for being chosen as, and for being, a director of the Central Warehousing Corporation. (i) if he is found to be a lunatic or becomes of unsound mind, or (ii) if he is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with the creditors; or (iii) if he is or has been convicted of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months unless period of five years has elapsed form the date of expiry of the sentence; or 9 (iv) if he has been removed or dismissed from the service of Government or a Corporation owned and controlled by the Government; or (v) except in the case of the managing director, if he is a salaried official of the Central Warehousing Corporation or any State Warehousing Corporation; or (vi) if he is personally interested in any subsisting contract made with, or in any work being done for the Central Warehousing Corporation except as a shareholder (other than a director) in any public company as defined in the Companies Act, 1956; Provided that where any such person is a shareholder, he shall disclose to the Central Warehousing Corporation the nature and extent of shares held by him in such company.