Section 8
Disqualification for office of director of the Central Warehousing Corporation.
The Warehousing Corporations Act, 1962
About this Act
An Act to provide for the incorporation and regulation of corporations for the purpose of warehousing of agricultural produce and certain other commodities and for matters connected therewith.
A
person shall be disqualified for being chosen as, and for being, a director of the Central 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 the service of Government or a Corporation owned and controlled by the Government; or
(v) except in the case of 1[the directors appointed under clause (ff) of sub-section (1) of section 7 and the managing director], if he is a salaried official of the Central Warehousing Corporation or any State Warehousing Corporation; or
(vi) if he is personally interested in any subsisting contract made with, or in any work being done for the Central 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 Central Warehousing Corporation the nature and extent of shares held by him in such company.
(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 the service of Government or a Corporation owned and controlled by the Government; or
(v) except in the case of 1[the directors appointed under clause (ff) of sub-section (1) of section 7 and the managing director], if he is a salaried official of the Central Warehousing Corporation or any State Warehousing Corporation; or
(vi) if he is personally interested in any subsisting contract made with, or in any work being done for the Central 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 Central Warehousing Corporation the nature and extent of shares held by him in such company.
Notes
1. Subs. by Act 45 of 2005, s. 3, for "the managing director" (w.e.f. 15-11-2005).