No person shall be a Director who-

(a) is a salaried official of the Corporation other than a Managing Director or

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

(c) is found to be a lunatic or become'' of unsound mind , or

(d) is or has been convered of any offence involving moral turpitude