Unit Trust of India Act : Disqualification for being a trustee. Indian Bare Acts :

Unit Trust of India Act,1963

Act No : 52

Section : Disqualification for being a trustee.

12. Disqualification for being a trustee. A person shall not be capable of being nominated or elected as a trustee if- (a) he is, except in the case of the Chairman or the executive trustee, an officer or other employee of the Trust; or (b) he is, or at any time has been, adjudicated as insolvent or has suspended payment of his debts or has compounded with his creditors; or (c) he is of unsound mind and stands so declared by a competent court; or (d) he has been convicted of an offence which, in the opinion of the 1*[Development Bank], involves moral turpitude.