No person shall be a director of the Board constituted under this Act, who—
- is, or at any time has been, adjudged insolvent, or
- is of unsound mind and has been so declared by a competent court, or
- is, or has been, convicted of an offence which, in the opinion of the Central Government, involves moral turpitude, or
- has, in the opinion of the Central Government, so abused his position as a director, as to render his continuance on the Board detrimental to the interests of the general public, or
- has been, for any reason, removed from the Board.