No person shall be a director of the Board constituted under this Act, who--
         (a) is, or at any time has been, adjudged insolvent, or
         (b) is of unsound mind and has been so declared by a competent court, or
         (c) is, or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude, or
         (d) has, in the opinion of the Central Government, so abused his position as a director, as to render his continuance on the Board detrimental to the interests of the general public, or
         (e) has been, for any reason, removed from the Board.