Amendment status not verified — confirm the current text below against the official source.
Disqualification for office of director of the Corporation - A person shall be disqualified from being chosen as, and for being, a director of a State 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 his 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 a period of five years has elapsed from the date of expiry of the sentence; or (iv) if he has been removed or dismissed from 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 a State Warehousing Corporation; or [Notification No.GSR 807(E), File No.6-60/97-SG dtd 1.11.2001 (No.545, 29 Oct. 2001)] (vi) if he is personally interested in a 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; 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.