Section 550: Disqualification for appointment as a receiver or manager.

(1) The following persons shall not be appointed or act as receivers or managers of any property or undertaking of any company —
(a) an infant;
(b) any person found by a competent Court to be of unsound mind;
(c) a body corporate;
(d) an undischarged bankrupt, unless he is given leave to act as a receiver or manager of the property or undertaking of the company by the Court by which he was adjudged bankrupt;
(e) a director or auditor of the company; and
(f) any person convicted of any offence involving fraud, dishonesty, official corruption or moral turpitude or who is disqualified under section 280 of this Act.
(2) Any appointment made in contravention of the provisions of subsection (1) is void and if any of the persons named in paragraphs (c), (d), (e) and (f) acts as a receiver or manager, he commits an offence and is liable to a fine in
such amount as the Commission shall specify in its regulations, and in the case of a body corporate or, in the case of an individual, to imprisonment for a term not exceeding six months or a fine as the Court deems fit.
(3) Where any of the persons mentioned in subsection (1) is at the commencement of this Act acting as a receiver or manager, he may be removed by a Court on an application by a person interested.