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Insolvency Act, 1936 (Act No. 24 of 1936)

55. Persons disqualified from being trustees

 

Any of the following persons shall be disqualified from being elected or appointed a trustee:—

(a) any insolvent;
(b) any person related to the insolvent concerned by consanguinity or affinity within the third degree;
(c) a minor or any other person under legal disability;
(d) any person who does not reside in the Republic;
(e) any person who has an interest opposed to the general interest of the creditors of the insolvent estate;
(f) a former trustee disqualified under section seventy-two;
(g) any person declared under section fifty-nine to be incapacitated for election as trustee, while any such incapacity lasts, or any person removed by the court, on account of misconduct, from an office of trust;
(h) a corporate body;
(i) Any person who has at any time been convicted (whether in the Republic or elsewhere) of theft, fraud, forgery or uttering a forged document, or per jury and has been sentenced to imprisonment without the option of a fine, or to a fine exceeding R2 000;
(j) any person who was, at any time, a party to an agreement or arrangement with any debtor or creditor whereby he undertook that he would, when performing the functions of a trustee or assignee, grant or endeavour to grant to, or obtain or endeavour to obtain for any debtor or creditor any benefit not provided for by law;
(k) any person who has by means of any misrepresentation or any reward or offer of any reward, whether direct or indirect, induced or attempted to induce any person to vote for him as a trustee or to effect or assist in effecting his election as trustee of any insolvent estate;
(l) any person who at any time during a period of twelve months immediately preceding the date of sequestration acted as the bookkeeper, accountant or auditor of the insolvent;
(m) any agent authorised specially or under a general power of attorney to vote for or on behalf of a creditor at a meeting of creditors of the estate concerned and acting or purporting to act under such special authority or general power of attorney.

 

 


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