Disqualifications of Directors and members of Local Boards
(1) No person may be a Director or a member of a Local Board who—
| (a) | is a salaried Government official, or | |
| (b) | is, or at any time has been, adjudicated an insolvent, or has suspended payment or has compounded with his creditors, or | |
| (c) | is found lunatic or becomes of unsound mind, or | |
| (d) | is an officer or employee of any bank, or | |
| [(e) | is a director of a banking company within the meaning of clause (c) of section 5 of the Banking [Regulation] Act, 1949 (10 of 1949) or of a co-operative bank.] |
(2) No two persons who are partners of the same mercantile firm, or are Directors of the same private company, or one of whom is the general agent of or holds a power of procuration from the other, or from a mercantile firm of which the other is a partner, may be Directors or members of the same Local Board at the same time.
(3) Nothing in clause (a), clause (d) or clause (e) of sub-section (1) shall apply to the Governor, or to a Deputy Governor or to the Director nominated under clause (d) of sub-section (1) of section 8.