(a) Disqualification - Except as provided in section (b) of this rule, an appointment as receiver shall not be granted to an individual, or to a corporation having a principal officer, who:

(i) is related by blood or marriage to a party or attorney in the action;

(ii) is an attorney for, or of counsel for any party in the action;

(iii) is an officer, director, stockholder, or employee of a corporation the assets of which are in question; or

(iv) stands in any relation to the subject of the controversy that would tend to interfere with the impartial discharge of his duties as an officer of the court.

(b) Exception - If the court is satisfied that the best interests of the estate would be served, an individual or corporation otherwise disqualified under section (a) of this rule may be appointed as receiver by an order specifically setting forth the reasons for departing from the general rule. A receiver so appointed shall serve without compensation, unless otherwise ordered by the court upon good cause shown.

[Adopted May 17, 1976, effective July 1, 1976.]