law: State Financial Corporations Act, 1951 
  12. Disqualification for being a Director 
  No person shall be a Director who-
  (a) except in the case of Managing Director, is a salaried
  
  official of the Financial Corporation; or
  (b) is or at any time has been adjudged insolvent or has
  
  suspended payment of his debts or has compounded with his creditors; or
  (c) is found to be a lunatic or becomes of unsound mind; or
  (d) is or has been convicted of any offence involving moral
  
  turpitude.