COMPANIES ACT - 1963 (ACT 179)

    Section - 236 - Disqualification for Appointment as Receiver

    (1) The following persons shall not be competent to be appointed or to act as receivers or managers of any property or undertaking of a company, namely,

    (a) an infant;

    (b) any one found by a competent court to be a person of unsound mind;

    (c) a body corporate;

    (d) anyone in respect of whom an order shall have been made under section 186 of this Code, so long as such order remains in force unless leave to act as receiver or manager of the property or undertaking of the company concerned has been given by the court in accordance with that section;

    (e) an undischarged bankrupt, unless he shall have been granted leave to act as receiver or manager of the property or undertaking of the company concerned by the Court by which he was adjudged bankrupt.

    (2) A director or auditor of a company shall not be qualified for appointment as a receiver or manager of any property or undertaking of that company.

    (3) Any appointment made in contravention of this section shall be void; and if any of the persons named in subsection (2) of this section or in paragraph (a), (c), (d) or (e) of subsection (1) of this section shall act as such a receiver or manager he shall be liable to a fine not exceeding five hundred pounds, or, in the case of an individual, to imprisonment for a term not exceeding six months or to a fine not exceeding five hundred pounds, or to both such imprisonment and fine.