5Power of court to appoint guardian for minor having no parent etc.
(1)Where a minor has no parent, no guardian of the person, and no other person having parental rights with respect to him, the court, on the application of any person, may, if it thinks fit, appoint the applicant to be the guardian of the minor.
(2)A court may entertain an application under this section to appoint a guardian of a minor notwithstanding that, by virtue of a resolution under section 2 of the [1948 c. 43.] Children Act 1948, a local authority have parental rights with respect to him; but where on such an application the court appoints a guardian the resolution shall cease to have effect.