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Section 12 – The State Financial Corporation Act,1951

<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.

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The State Financial Corporation Act,1951

Indian Laws – Bare Acts


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