3[Director of a Corporation].—4[(1)] A person shall be disqualified for being chosen as, or for being, a 3[Director of a Corporation]—
(a)if he is found to be a lunatic or a person of unsound mind; or
(b)if he has been adjudged insolvent; or
(c)if he has been convicted of an offence involving moral turpitude; or
(d)if he has, directly or indirectly, any interest in any subsisting contract made with, or in any work being done for, the Corporation except as a shareholder (other than a director) in an incorporated company, provided that where he is a shareholder he shall disclose to the State Government the nature and extent of shares held by him in such company; or
(e)if he has any financial interest in any other road transport undertaking.
1[(2) Nothing in clause (d) of sub-section (1) shall be deemed to disqualify the 2[Managing Director] of a Corporation for being chosen as, or for being, a 3[Director] thereof.]
4[(3) Nothing in clause (e) of sub-section (1) shall be deemed to disqualify,—
(a)any officer or other employee of the Government for being chosen as, or for being, a Director of a Corporation;
(b)any officer or other employee of a Corporation for being chosen as, or for being, a Director of another Corporation.]