Section 12 in The Regional Rural Banks Act, 1976

12. Disqualifications.- A person shall be disqualified for being appointed or, as the case may be, nominated as, and for being, a director, if he--

(a) is, or, at any time has been, adjudged insolvent or has suspended payment of his debt or has compounded with his creditors, or

(b) is of unsound mind and stands so declared by a competent court, or

1. Subs. by Act 1 of 1988 s. 8 (w. e. f. 28- 9- 1988 ). 2. Subs. by Act 73 of 1976 s. 6, ibid., for sub- section (4) (w. e. f. 11- 6- 1976 ). 3. Subs. by Act 1 of 1988, s. 8, for" the Central Government" (w. e. f. 28- 9- 1988 ) 4. Subs. by s. 8, ibid., for" provided that" (w. e. f. 8- 9- 1988 ).