Amendment status not verified — confirm the current text below against the official source.
(i) A person shall be disqualified for being chosen as, and office of director of for being, a director of a State Warehousing Corporation the Corporation. (i) if he is found to be a lunatic or becomes of unsound mind; or (i) 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 State Warehousing Corporation; or (The phrase “The Central Warehousing Corporation” was deleted vide Central Warehousing Corporation (Amendment) Act No. 23 of 2001). 1 of 1956. (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. - (51) Scanned by CamScanner Removal of directors