Comparison View

Formal Consolidation |  2020 RevEd
Disqualification for being director in not less than 3 companies which were struck off within 5‑year period
155A.—(1)  Subject to subsection (5), a person —
(a)who was a director of a company (Company A) at the time that the name of Company A had been struck off the register under section 344; and
(b)who, within a period of 5 years immediately before the date on which the name of Company A was struck off the register under section 344 —
(i)had been a director of not less than 2 other companies whose names had been struck off the register under section 344; and
(ii)was a director of those companies at the time the names of the companies were so struck off the register,
must not act as director of, or in any way (whether directly or indirectly) take part in or be concerned in the management of, any company or any foreign company to which Division 2 of Part 11 applies for a period of 5 years commencing after the date on which the name of Company A was struck off.
[36/2014]
(2)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
[36/2014]
(3)  A person who is subject to a disqualification under subsection (1) may apply to the Court for leave to act as director of, or to take part in or be concerned in the management of, a company or a foreign company to which Division 2 of Part 11 applies during the period of disqualification upon giving the Minister not less than 14 days’ notice of the person’s intention to apply for such leave.
[36/2014]
(4)  On the hearing of any application under this section, the Minister may be represented at the hearing and may oppose the granting of the application.
[36/2014]
(5)  This section only applies where Company A and the companies referred to in subsection (1)(b)(i) were struck off on or after 3 January 2016.
[36/2014]
Informal Consolidation | Amended Act 25 of 2021
Disqualification for being director in not less than 3 companies which were struck off within 5‑year period
155A.—(1)  Subject to subsection (5), a person —
(a)who was a director of a company (Company A) at the time that the name of Company A had been struck off the register under section 344; and
(b)who, within a period of 5 years immediately before the date on which the name of Company A was struck off the register under section 344 —
(i)had been a director of not less than 2 other companies whose names had been struck off the register under section 344; and
(ii)was a director of those companies at the time the names of the companies were so struck off the register,
must not act as director of, or in any way (whether directly or indirectly) take part in or be concerned in the management of, any company or any foreign company to which Division 2 of Part 11 applies for a period of 5 years commencing after the date on which the name of Company A was struck off.
[36/2014]
(2)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
[36/2014]
(3)  A person who is subject to a disqualification under subsection (1) may apply to the Court for permission to act as director of, or to take part in or be concerned in the management of, a company or a foreign company to which Division 2 of Part 11 applies during the period of disqualification upon giving the Minister not less than 14 days’ notice of the person’s intention to apply for such permission.
[36/2014]
[Act 25 of 2021 wef 01/04/2022]
(4)  On the hearing of any application under this section, the Minister may be represented at the hearing and may oppose the granting of the application.
[36/2014]
(5)  This section only applies where Company A and the companies referred to in subsection (1)(b)(i) were struck off on or after 3 January 2016.
[36/2014]