(1) No person shall be nominated or elected to the office of a director:- (a) who has not attained the age of 21 years, (b) is mentally deranged or embezzled, (c) is in debt to a creditor, (d) has committed any kind of theft or fraud. or has been found guilty by the court for misappropriating or misappropriating the funds under his responsibility, (e) having any kind of private interest in any contract or agreement of the fund, or (f) holding the position of director of any bank or financial institution, (g) of the securities market A person or organization serving as a member or representative. (2) No person shall hold the position of director in the following cases:- (a) If he is unable to be nominated or elected to the position of director as written in sub-section (1), (b) he shall report to the committee with reasonable cause. If he absents himself from the meeting of the committee for three consecutive times without giving notice, (c) if he does any work against the committee or the decision of the committee, (d) if his resignation from his position is accepted, (e) if it is proven by the court that he has committed dishonesty or bad faith in the operation of the fund, or ( f) If he commits any offense punishable under this Act. (3) Notwithstanding anything contained in sub-section (1) and (2), - (a) clauses (a) and (a) of sub-section (1) in relation to any person unless certified by a government physician. The disqualification written in b) shall not be applicable. (b) Any person mentioned in clause (e) of sub-section (1) may be nominated and hold the position of director if the approval of the Government of Nepal is obtained. Or he shall be given a reasonable opportunity to submit proof of his innocence before disqualification.