138. (1) A person may be appointed as the practitioner of a company only if the person—
(a) is a member in good standing of a profession subject to regulation by a regulatory authority prescribed by the Minister in terms of subsection (2);
(b) is not subject to an order of probation in terms of section 162(7);
(c) would not be disqualified from acting as a director of the company in terms of section 69(8);
(d) does not have any other relationship with the company such as would lead a reasonable and informed third party to conclude that the integrity, impartiality or objectivity of that person is compromised by that relationship; and (e) is not related to a person who has a relationship contemplated in paragraph (d).
(2) The Minister may designate one person or association within the Republic to regulate the practice of persons as practitioners in terms of this Act, if that person or association—
(a) is committed to achieving the purposes of this Chapter;
(b) functions predominantly to promote sound principles and good practice of business turnaround or rescue; and
(c) has sufficient human, financial and operational resources, and adequate administrative procedures and safeguards, to enable it to function efficiently and to effectively carry out its functions in terms of this Chapter, or presents to the Minister a credible plan to acquire or develop those resources.
(3) The Minister may—
(a) impose reasonable conditions upon a person or association designated by the Minister in terms of subsection (2) with respect to the carrying out of its functions and powers in terms of this Chapter; and
(b) make regulations prescribing—
(i) minimum qualifications for admission of a person to the practice of a business rescue practitioner; and
(ii) procedures to be followed by a person or association designated by the Minister in terms of subsection (2) in carrying out its functions and powers in terms of this Chapter.