1. [ except in the case of ][the Chairman, ] [Substituted by Act 28 of 1955, Section 10, for " the Managing Director or the Deputy Managing Director " (w.e.f. 18.9.1955). ][or the Managing Director] [ Inserted by Act 50 of 1986, Section 7 (w.e.f. 2.2.1987).][, is a salaried official of the Corporation; or] [Substituted by Act 28 of 1955, Section 10, for " the Managing Director or the Deputy Managing Director " (w.e.f. 18.9.1955). ]
2. is, or at any time has been, adjudicated insolvent or has suspended payment [of his debts] [ Inserted by Act 78 of 1952, Section 5.] or has compounded with his creditors; or
3. is found to be a lunatic or becomes of unsound mind; or
4. is or has been convicted of any offence involving moral turpitude.