Amendment status not verified — confirm the current text below against the official source.
For the removal of doubt, it is hereby declared that the term of office of directors laid down in the principal Act as amended by this Act shall also apply to each director, other than the ex-officio director and the Executive Director, holding office on the date of commencement of this Act and accordingly any director holding office as such, on the date of commencement of this Act shall, - (i) if the term of office of one year in his case expires or has expired on or before such commencement, cease to hold his office on such commencement; and (ii) if the term of office of one year in his case expires after such commencement, cease to hold his office on the expiry of the aforesaid term of one year. New term of office to apply to existing directors also. Disqualification of office of Director. Term of office. (c) if he is or has been convicted of any offence which in the opinion of the State Government involves moral turpitude; or (d) if he has been removed or dismissed from the service of any State Government or Central Government or a Corporation owned or controlled by any State Government or Central Government.