Warehousing Corporations Act : Disqualification for office of director of the corporation. Indian Bare

Warehousing Corporations Act,1962

Act No : 58

Section : Disqualification for office of director of the corporation.

21. Disqualification for office of director of the corporation. 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 the Central Warehousing Corporation or 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. 103