4. Disqualifications for membership of the Board.

(a) if he is found to be a lunatic or a person of unsound mind; or
(b) if he has been adjudged insolvent; or
(c) if he has been convicted of an offence involving moral turpitude; or
(d) if he has any financial interest in any subsisting contract with or in any work being done for the Board except as a shareholder (other than a Director of Managing Agent) in a company as defined in section 3 of the Companies Act, 1956, provided that where he is a shareholder, he will disclose to the Government, the nature and extent of shares held by him in such a company; or
(e) if he has any financial interest in any business undertaking dealing with khadi or any other village industry specified or deemed to be specified in the Schedule to the Act.