No person shall be a director of the Board, if he—
- is, or becomes of unsound mind and has been so declared by a competent court; or
- is or has been convicted of any offence which, in the opinion of the Central Government, involves moral turpitude; or
- is, or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or
- has, for any reason, been removed or dismissed from the service of—
- the Government, or
- the Reserve Bank, the State Bank or any other bank, or
- any public financial institution, or state financial corporation, or
- any other corporation owned or controlled by the Government.