State Financial Corporations Act,1951

Act No : 63

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Section : Disqualifications for being a director.

12. Disqualifications for being a director. No person shall be a director who-- (a) except in the case of a managing director is a salaried official of the Financial Corporation; or (b) is or at any time has been adjudged insolvent or has suspended payment of his debts or has compounded with his creditors; or (c) is found to be a lunatic or becomes of unsound mind; or (d) is or has been convicted of any offence involving moral turpitude.

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