(a) Administration of the estate of an intestate shall be granted and letters thereof issued, to—
(1) the widow or next of kin, or both, in the discretion of the court;
(2) one or more of the principal creditors; or
(3) any other person competent and qualified whom the court may select.
(b) The persons named in the clauses of subsection (a) of this section, if qualified and competent for the trust, shall be entitled to the administration in the order therein named. If those named in clause (1) of such subsection do not apply for the administration within thirty days from the decease of the intestate, they shall be deemed to have renounced their right thereto; but the court in its discretion may direct that a citation issue to them, requiring them within such period to apply for or renounce their right of administration. If the persons named in clause (2) of such subsection do not make such application within forty days from such decease, they shall be deemed to have renounced their right to the administration.