Disabilities.8. Notwithstanding anything contained in section 4, a person shall not be entitled to have his name entered in, or borne on, the [Register of members] if he-
(a)
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has not attained the age of twenty-one years at the time of his application for the entry of his name in the [Register of members]; or
(b)
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is of unsound mind and stands so adjudged by a competent court; or
(c)
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is an undischarged insolvent [or undischarged bankrupt]; or
[(ca)
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is declared bankrupt under the Insolvency and Bankruptcy Code, 2016;]