(3)No company shall appoint or continue the employment of any person as managing director, wholetime director or manager who —(a)is below the age of twenty-one years or has attained the age of seventy years:Provided that appointment of a person who has attained the age of seventy years may be made by passing a special resolution in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such person;(b)is an undischarged insolvent or has at any time been adjudged as an insolvent;(c)has at any time suspended payment to his creditors or makes, or has at any time made, a composition with them; or(d)has at any time been convicted by a court of an offence and sentenced for a period of more than six months.
