Amendment status not verified — confirm the current text below against the official source.
Disqualifications for election or appointment as Trustee.-( 1) A person ~ohall be disqualified for elect10n or appointment as a Trustee, if he- (a) has been sentenced by a criminal court to imprisonment for a period of not less than two years, such sentence not having been re- versed or the offence pardoned : Provided that the Government may direct that such sentence shall not operate as a disqualification ; (b) is an applicant to be adjudi~ted an insolvent or is an Wl• discharged insolvent; (c) holds any office or place of profit under the Board ; (d) has, directly or indirectly by himself or by any partner, employer or employee, any share or mterest in any contract or employ- ment with, by, or on behalf of, the Board ; or (e) is a director, or a 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 however be disqualified under clause (d) or clause (e) of sub-section (I) or be deemed to have any share or intereit in any contract or employment within the meaning of those clauses, by reason only of his, or the incorporated company of which he is a direc- tor, secretary, manager or other salaried officer, havmg a share or in- terest in- (1) any sale, purchase, lease, or exchange of immovable property or any agreement for the same ; (ii) any agreement for the loan of money, or any security for the payment of money only ; (iii) any newspaper in which any advertisement relating to the affairs of the Board is inserted ; (iv) the occasi~nal sale to the Board, to a value n<?t exceeding two thousand rupeef many one financ1al year, of any arucle m which he or the incorporated company regularly trades ; 13 or by reason only ofhis having a share or interest, othe1wise than as director, or secretary, manager or other salaried officer, In any incor- porated company which has any share or inter<>st in any contract or employment with, by, or on behalf of, the Board.