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.