law: The Regional Rural Banks Act, 1976
  12. Disqualifications
  A person shall be disqualified for being
  
  appointed or, as the case may be, nominated as, and for being, a director, if
  
  he-
  a.  
  
    Is,
  
  or, at any time has been, adjudged insolvent or has suspended payment of his
  
  debt or has compounded with his creditors, or
  b.  
  
    Is
  
  of unsound mind and stands so declared by a competent court, or
  c.  
  
    Is,
  
  or has been, convicted of an offence which, in the opinion of the Central
  
  Government, involves moral turpitude.