(2A) 1[ A person shall be ineligible for election as a director under sub- section (1) of any company if he is a director, officer, employee, or legal or technical adviser of that company, or of any other insurer, 2[ and shall cease to be a director under sub- section (1) if after election he acquires any disqualification specified in this sub- section or no longer holds the qualifications required by sub- section (2): Provided that nothing in this sub- section shall disqualify a person who is an elected director under sub- section (1) and is not otherwise disqualified under this sub- section, from being re- elected: 3[ Provided further that the Controller may exempt any director of a subsidiary company of the insurer from any disqualification imposed by this sub- section.]]