A person shall be disqualified for being chosen as, and for being, a member of the Corporation—

(i) if he is, or at any time has been, adjudicated insolvent or has suspended payment of his debts or has compounded with his creditors; or

(ii) if he is or has been convicted of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months, unless a period of five years has elapsed from the date of expiry of the sentence; or

(iii) [except in the case of managing director,] [Inserted by Act 3 of 1974, Section 5 (w.e.f. 1-4-1974)] if he is a salaried official of the Corporation.