Section 115

Disqualification for appointment as receiver or manager.—The following shall not be appointed as a receiver or manager of the company’s property, namely-

(a) a minor;

(b) a person who is of unsound mind and stands so declared by a competent court;

(c) a body corporate;

(d) a director of the company;

(e) an un-discharged insolvent unless he is granted leave by the court by which he has been adjudged an insolvent; or

(f) a person disqualified by a Court from being concerned with or taking part in the management of the company in any other way, unless he is granted leave by the Court.