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A person shall be disqualified for being nominated as, and for being, a director of the Corporation- (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. 16 of 1979, Section 4, on and with effect from the 17th day of September, 1979. Also see section 10 of the Amending Act which is reproduced below: