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Section 12 – The Unit Trust of India Act,1963

The Unit Trust of India Act,1963

Section 12. Disqualification for being a trustee

A person shall not be capable of being nominated or elected as a trustee if–

(a) He is, except in the case of the Chairman or the executive trustee, an officer or other employee of the Trust; or

(b) He is, or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or

(c) He is of unsound mind and stands so declared by a competent court; or

(d) He has been convicted of an offence which, in the opinion of the Reserve Bank, involves moral turpitude.

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The Unit Trust of India Act,1963

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