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-
is an undischarged insolvent, or has at any time been adjudged an insolvent;
suspends, or has at any time suspended, payment to his creditors, or makes, or has at any time made, a composition with them; or
is or has at any time been, convicted by a Court 1
of an offence involving moral turpitude.