Any person listed below shall be disqualified from being a director of a company :-

(a) a person who has not attained the age of twenty-one years,

(b) a lunatic

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(c) A person who has been found guilty by a court of law for committing any kind of theft or fraud or taking a bribe or misappropriating or misappropriating the money under his charge, (e) A person who has any kind of personal interest in any contract, lease or contract with the institution.