The Industrial Finance Corporation Act, 1948

12. Disqualification.

No person shall be a Director who--

1. 1*[except in the case of 2*[the Chairman [3*or the Managing Director], is a salaried official of the<
   Corporation; or]
2. is, or at any time has been, adjudicated insolvent or has suspended payment 4*[of his debts] or has compounded with his creditors; or
3. is found to be a lunatic or becomes of unsound mind; or
4. is or has been convicted of any offence involving moral turpitude.

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