Amendment status not verified — confirm the current text below against the official source.
(1) A person shall be disqualified for being appointed or continuing 15[as the Chairman or member] of the Board, if he- (a) holds any office or place of profit under the Board, (b) is of unsound mind and stands so declared by a competent court, (c) is an undischarged insolvent, (d) subject to the provisions of sub-section (2) has directly or indirectly by himself or his partner or if he belongs to a joint Hindu Family by any member of such family any share or interest in any contract (except as a shareholder other than a Director in a Company) or employment with, by or on behalf of the Board. (2) A person shall not be deemed to have incurred disqualification under clause (d) of sub-section (1) by reason only of his- (a) receiving pension from the Board; (b) having any share or interest in- (i) any lease, sale, exchange or purchase of land or any agreement for the same; (ii) any agreement for the loan of money or any security for the payment of money only;