law: National Bank for Agriculture and Rural Development Act, 1981 
  9.
  
  Disqualifications.- 
  
  1.     
  
    No
  
  person shall be a director who-
  a.      is of unsound mind
  
  and stands so declared by a competent court; or
  b.     is or has been
  
  convicted of any offence which, in the opinion of the Central Government,
  
  involves moral turpitude; or
  c.      is, or at any time
  
  has been, adjudicated insolvent or has suspended payment of his debts or has
  
  compounded with his creditors.
  2.     
  
    The
  
  appointment as director of any person who is a Member of Parliament or the
  
  Legislature of any State shall, unless within two months of the date of his
  
  appointment he ceases to be such member, be void on the expiry of the said
  
  period of two months and if any director is elected or nominated as a Member of
  
  Parliament or of any State Legislature he shall cease to be a director as from
  
  the date of such election or nomination, as the case may be.