(1) A person shall be disqualified for being nominated as and for being a member of the Board–

(i) if he is declared to be of unsound mind by a competent court; or

(ii) if he is an un-discharged insolvent; or

(iii) if before or after the commencement of the Code, he has been convicted of an offence involving moral turpitude.

(2) If any question arises whether a person has been subject to disqualification under sub-rule (1), the decision of the Central Government thereon shall be final.