Section 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 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.
Notes:
1. The words "the Central Warehousing Corporation or" omitted by Act 23 of 2001, s. 4 (w.e.f. 1-11-2001).