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 sta nds so declared by a
competent court;

(c) a body corporate;

(d) a director of the company;

(e) an un-discharged insolvent unl ess he is granted leave by the c ourt
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.