(1) A person shall be disqualified for being appointed as the Chairperson who has directly or indirectly, by himself or by a partner or any other person, any share or interest in any contract made with, or any work being done for, the Council other than as such Chairperson.
     (2) If the Chairperson acquires directly or indirectly, by himself or by his partner, or any other person, any share or interest in any such contract or work as is referred to in sub-section (1), he shall, unless the Central Government in any particular case otherwise decides, be liable to be removed from his office by the order of the authority competent to remove him under the provisions of this Act:
     Provided that before an order of removal is made the Chairperson shall be given a reasonable opportunity of showing cause against the action proposed to be taken in regard to him.