8. (1) No person shall be or shall continue to be a Director who- (a) is or at any time has been convicted of an offence involving moral turpitude; or (b) is or at any time has been adjudicated insolvent; or (c) is found to be lunatic or of unsound mind; or (d) is a minor. (2) No Director shall continue in office after absenting himself from three consecutive meetings of the Board without the leave of absence from the Chairman, or, in the case of the Chairman, from the Government. (3) A Government servant serving as Chairman or a Director shall automatically cease to be the Chairman or a Director of the Corporation, as the case may be, on his transfer from the Corporation.