Lawgist8Disqualification of directors
1[8. Disqualifications of directors.-- A person shall not be eligible for being elected as a director under clause (f) of sub-section (1) of section 6, if he--
(a) has been found to be of unsound mind by a court of competent jurisdiction and the finding is in force;
(b) is an undischarged insolvent;
(c) has applied to be adjudicated as an insolvent and his application is pending;
(d) has been convicted by a court of competent jurisdiction, of any offence involving moral turpitude and sentenced in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence; or
(e) has not paid any call in respect of shares of the Small Industries Bank held by him, whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of the call.]
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1. Subs. by Act 7 of 2000, s. 5, for sections 8 and 9 (w.e.f. 27-3-2000).
- 3 Establishment and incorporation of Small Industries Development Bank of India
- 4 Authorised capital
- 4A Conversion of equity shares into redeemable preference shares
- 4B Transfer of capital
- 4C Issued capital
- 4D Reduction of share capital
- 4E Restriction on exercising of voting right
- 5 Management
- 6 Constitution of Board
- 7 [Omitted.]
- 8 Disqualification of directors
- 9 Vacation and resignation of office by directors
- 10 [Omitted.]
- 11 [Omitted.]
- 12 Executive Committee and other committees
- 12A Fees and allowances of directors and members of committees
