4Disqualifications for being a member of Corporation.

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) ¹[except in the case of managing director,] if he is a salaried official of the Corporation.