The Principal Act is hereby amended by the substitution for section 315 of the following section -
(1) None of the following persons shall be qualified for appointment as receiver of the property of a company -
(a) an undischarged bankrupt;
(b) a person who is, or who has within 12 months of the commencement of the receivership been, an officer or servant of the company;
(c) a parent, spouse, brother, sister or child of an officer of the company;
(d) a person who is a partner of or in the employment of an officer or servant of the company;
(e) a person who is not qualified by virtue of this subsection for appointment as receiver of the property of any other body corporate which is that company's subsidiary or holding company or a subsidiary of that company's holding company, or would be so disqualified if the body corporate were a company.
References in this subsection to an officer or servant of the company include references to an auditor.
(2) If a receiver of the property