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(1) The following shall not be qualified to be appointed and shall not act as receiver of the property of a company:
(a) a corporation;
(b) an undischarged bankrupt;
(c) a mortgagee of any property of the company, an auditor of the company or an officer of the company or of any corporation which is a mortgagee of the property of the company; and
(d) any person who is not an approved liquidator or the Official Receiver.
(2) Nothing in paragraph (1)(a) or (d) shall apply to any corporation authorized by any written law to act as receiver of the property of a company.
(3) Nothing in this section shall disqualify a person from acting as receiver of the property of a company if acting under an appointment validly made before the commencement of this Act.
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