<h2The State Financial Corporation Act,1951
Section 12. Disqualifications for being a director
no person shall be a director who—
(a) Except in the case of a managing director, is a salaried official of the Financial Corporation; or
(b) Is or at any time has been adjudged insolvent or has suspended payment of his debts or has compounded with his creditors; or
(c) Is found to be a lunatic or becomes of unsound mind; or
(d) Is or has been convicted of any offence involving moral turpitude.
