"11.
(1) A nominated director shall hold office during the pleasure of the authority
nominating him.
(2)
Subject to provisions of sub-section (1), a nominated director shall hold
office for such term not exceeding three years and shall also be eligible
for renomination:
Provided
that no such director shall hold office continuously for a period exceeding
six years.
(3)
An elected director other than a director deemed to be elected under the
first proviso to clause (d) of section 10 shall hold office for three year
and shall also be eligible for re-election:
Provided
that no such director shall hold office continuously for a period exceeding
six years.
12.
No person shall be a director, if be-
(a)
has been found to be of unsound mind by a court of competent jurisdiction
and the finding is in force; or
(b)
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)
has been convicted by a court of any offense involving moral turpitude
and sentenced in respect thereof to imprisonment of not less than six months
and a period of five years has not elapsed from the date of expiry of sen-tence;
or
(d)
is elected by the persons referred to in clause (d) of sub-section (3)
of section 4 but not registered as shareholder in his own right of unencumbered
shares of a nominal value of not less than ten thousand rupees in
the Financial Corporation; or
(e)
has not paid any call in respect of shares of the Financial Corporation
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.''