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THE BANK OF PUNJAB ACT, 1989 THE BANK OF PUNJAB ACT, 1989 12. Qualifications and Disqualifications of Directors. (1) No person not appointed by the Government to serve as a Director shall be qualified to serve as a Director unless he is a holder in his own right to unencumbered shares. of the Bank to the nominal amount of twenty five thousand rupees at the least. [Subs. for "hundred", by The Bunk of Punjab (Amendment) Act, 8 of 1991, S. 4(I ).] (2) No person shall be qualified to serve as a Director: (a) if he is a salaried officer of any Government whether within or without Pakistan and is not authorized by the Government to serve as a Director; (b) if he has been convicted of an offence involving moral turpitude; (c) if he was at any time in the service of the Bank and was dismissed or his services had been terminated by the Bank; (d) if he is a Director of any commercial Bank other than a bank sponsored or established by or under the authority of the Government or the State Bank of Pakistan for the development of industry or agriculture in the country, or a bank which is a society registered under the Co-operative Societies Act, 1925 or any other law for the time being in force in Pakistan relating to Co-operative Societies; (e) if he is in the employment of any banking company, whether on salary or on commission, and is engaged in the performance of any continuous service for remuneration for any such company; (f) if he is for the time being disqualified for membership of any body established by or under any law for the time being in force of which the constituent members are wholly or partly chosen by means of election ; or [Full-stop subs. by semi-colon and word, "or", added by The Bank of Punjab (Amendment) Act, 8 of 1991, S. 1 (2).] (g) if he has been found lay a competent court under any law to have acted against the interest of a person with whom he had a fiduciary relationship.[ Added by The Bunk of Punjab (Amendment) Act, 8 of 1991 S. 4(2).] (3) The office of a Director shall be vacated:-- (a) if the person holding it resigns the office or dies; (b) if he accepts or holds any other office of profit under the Bank; (c) if he is, or at any time has been, adjudicated an insolvent, or compounds with his creditors or suspends payment; (d) if he is declared to be a lunatic or of unsound mind by a competent court; [Subs. by The Bank of Punjab (Amendment) Act, 8 of 1994, S. 1(3).] (e) if he has absented himself from three consecutive meetings of the Board or from all such meetings for a continuous period of six months, which ever is longer; without leave of absence from the Board; (f) if he ceases to hold in his own right the amount of shares required to qualify him, for the office; (g) if he incurs any of the Disqualifications mentioned in sub-section (2); (h) if, in relation of the Bank, he has failed to pay any advance, loan or credit limit or any instalment thereof or interest thereon, or any. amount due on any guarantee, or to do or perform any act agreed or undertaken in writing to be done or performed by him, and such failure continues for a period of one month after notice in writing has' been served on him by the Bank calling upon hire to make the payment or to do or perform the act; or (i) if he has been a Director for a continuous period pf six years from the date when he was first elected as such Director or, as the case may, he was appointed by name and otherwise than by designation of office as such Director. (4) No two persons who are partners of the same mercantile firm, or who are Directors of the same private company, or one of whom is the general agent of, or holds a power of procuration from the other or from a mercantile firm of which the other is a partner, shall be eligible or qualified to serve as Directors of the Board.