A person shall be disqualified for being appointed as, and for being, a member of the Commission--
         (a) if he is, or is found to be a lunatic or a person of unsound mind; or
         (b) if he has been adjudged insolvent; or
         (c) if he has been convicted of an offence involving moral turpitude; or
         (d) if he has any financial interest in any subsisting contract made with or in any work being done by the Commission, except as a shareholder (other than a Director), in a company as defined in section 3 of the Companies Act, 1956 (1 of 1956):
         Provided that where he is a shareholder, he shall disclose to the Central Government, the nature and extent of shares held by him in such a company; or
         (e) if he has any financial interest in any business undertaking dealing with or any other village industry specified or deemed to be specified in the Schedule to the Act.