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(1)If any person being an undischarged bankrupt acts as receiver or manager of the property of a company on behalf of debenture holders, he shall, subject to the following subsection, be liable on conviction on indictment to imprisonment for a .term not exceeding two years, or on summary conviction to imprisonment for a term not exceeding six months or to a fine not exceeding five hundred pounds or to both.
(2)The foregoing subsection shall not apply to a receiver or manager where—
(a)the appointment under which he acts and the bankruptcy were both before the commencement of this Act; or
(b)he acts under an appointment made by order of a court.
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