A person shall be disqualified for being chosen as, and for being, a director of a State Warehousing Corporation—
(i)if he is found to be a lunatic or becomes of unsound mind; or
(ii)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 1* * * a State Warehousing Corporation; or
(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 (1 of 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.