267. Certain persons not to be appointed Managing Directors .-No company shall, after the commencement of this Act, appoint or employ, or continue the appointment or employment of, any person as its Managing or whole-time Director who-
(a)is an undischarged insolvent, or has at any time been adjudged an insolvent;(b)suspends, or has at any time suspended, payment to his creditors, or makes, or has at any time made, a composition with them; or(c)is, or has at any time been, convicted by a Court [* * *] of an offence involving moral turpitude.
