Amendment status not verified — confirm the current text below against the official source.
A person shall be disqualified for being nominated as, and for being, a Director- (a) if he is or at any time has been adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; (b) if he is of unsound mind and stands so declared by a competent court. 1Substituted by Punjab Act No. 19 of 2013, Section 3, on and with effect from the 13th July, 2011. 2Substituted by Punjab Act No. 20 of 1981, Section 3, on and with effect from the 27th day of April, 1981.Also see the section 7 of the Amending Act which is reproduced below: