Amendment status not verified — confirm the current text below against the official source.
A person sh::ll be disqu@ifie for bing . . nolpinated <I , . . - . as .@ Director of the , don for Board. .IT % h,+ . ' , , Dira0isbl~ - '-- - .(a) is au employ- , , ok , the . Corpprdt ,. op, ' not bei y- the Mqwging .- Diractor; . I , . . . or . . , , , .. . , . . (b) is .,of , unsound mi@, apd ends so. d?la# (by a -+mpe~fl . ( . . , .~u,;,:~.r . (c) is an un-dischargsd insolvent ; or {d) has a subsisting . cqntraqt , with the a , . C>o~oration. , . , Term of The Chairman and the Directors nominated unde~ clause .(xii) af eub- of section 4 shaU holC office d the pleasure of the Governor. Cmdit10~ o f ~ e i r i ~ or DIrsetors. (2) Subject to the provisions of sub-secdon (I), the term of uace J the d d . Dpe~tors shall be tor a period .of three ,years from ahe dale nf thejr ;1.1,@nabcin and 8haU include any .[urlher per~od .wGch' . mrfy . .elapse I betwe- @e expjrstion of the said period of three years aid the d;ate of uoqnatlon of their, 9u.Ccessprs. (3) The nominated Directws sbJl be entitled, to draw such fees ?,no aUowances as may be presmibcd, (fl Aw 9erson nomina~ed as Director on one pr more o c ~ s i e n s shall, unless &squalificd, be eligible for renomination. \5) Where a person IS nomiqted to bc or becomes a Director by virtue of ho~dirg . +n:, office, he shall, notkiths~tlding anythr ng conta?~~ed in this Act, m e to be -Director as goon' &s he ceases t o hold that office. '