Section 26
Disqualification To Be Appointed In Or Hold The Post Of Director
(1) Any of the following persons shall not be eligible to be nominated or elected in the post of Director:
(a) Not attained 21 years of age,
(b) Insane or mad,
(c) Insolvent because of being unable to repay the debt of creditor.
(d) Punished by the Court convicting in the accusation of theft or fraud, or any kind of embezzlement or misuse
of the asset remained in his/her responsibility in an unauthorized manner,
(e) Having any kind of conflict of interest in the tender or contract of the Trust or,
(f) Serving in the post of Director at any Bank or Financial Institution.
(g) Individual or Institution serving in the position of member or representative of Securities market.
(2) No person shall hold the post of Director:
(a) If one is disqualified to be nominated or elected in the post of Director as referred to in Sub Section (1),
(b) If remains absent for three consecutive meetings of the Committee without a notice with appropriate reasons to the Committee,
(C) If commits any act against the Committee or the decision thereof,
(d) If resignation tendered by him/her is approved,
(e) If the Court decides that he/she committed any dishonest or malafide act or activity in the Trust, or
(f) If commits any offence punishable under this Act.
(3) Notwithstanding anything contained in Sub Section (1) an (2),-
(a) Disqualification mentioned in Clauses (a) and (b) of Sub Section (1) shall not be applicable against any person until so proved by Government Doctor.
(b) In case approval of the Government of Nepal received, person mentioned in Clause (e) of Sub Section (1) may be nominated in or hold the position of Director.
(c) The person shall be given an appropriate opportunity to submit evidence for clarification before disqualifying such person to be nominated or elected to or serving in the post of Director.
(a) Not attained 21 years of age,
(b) Insane or mad,
(c) Insolvent because of being unable to repay the debt of creditor.
(d) Punished by the Court convicting in the accusation of theft or fraud, or any kind of embezzlement or misuse
of the asset remained in his/her responsibility in an unauthorized manner,
(e) Having any kind of conflict of interest in the tender or contract of the Trust or,
(f) Serving in the post of Director at any Bank or Financial Institution.
(g) Individual or Institution serving in the position of member or representative of Securities market.
(2) No person shall hold the post of Director:
(a) If one is disqualified to be nominated or elected in the post of Director as referred to in Sub Section (1),
(b) If remains absent for three consecutive meetings of the Committee without a notice with appropriate reasons to the Committee,
(C) If commits any act against the Committee or the decision thereof,
(d) If resignation tendered by him/her is approved,
(e) If the Court decides that he/she committed any dishonest or malafide act or activity in the Trust, or
(f) If commits any offence punishable under this Act.
(3) Notwithstanding anything contained in Sub Section (1) an (2),-
(a) Disqualification mentioned in Clauses (a) and (b) of Sub Section (1) shall not be applicable against any person until so proved by Government Doctor.
(b) In case approval of the Government of Nepal received, person mentioned in Clause (e) of Sub Section (1) may be nominated in or hold the position of Director.
(c) The person shall be given an appropriate opportunity to submit evidence for clarification before disqualifying such person to be nominated or elected to or serving in the post of Director.