4. Disqualification for office of member. A person shall be disqualified for being appointed as a member if he--
has been convicted and sentenced to imprisonment for an offence, which, in the opinion of the Central Government, involves moral turpitude; or
is an undischarged insolvent; or
is of unsound mind and stands so declared by a competent court; or
has been removed or dismissed from the service of the Government or a body corporate owned or controlled by the Government; or
has in the opinion of the Central Government such financial or other interest in the Authority as is likely to affect prejudicially the discharge by him of his functions as a member.