Section 58

the person is convicted of any of the following:

any offence, whether in Singapore or elsewhere, involving fraud or dishonesty and punishable with imprisonment for a term of 3 months or more;

any offence under Part 12 of the Securities and Futures Act 2001;

the person is subject to the imposition of a civil penalty under section 232 of the Securities and Futures Act 2001;

a direction under section 97(1A) of the Securities and Futures Act 2001 is made directing a holder of a capital markets services licence to remove the person from the person’s office or employment as a director or executive officer of the holder;

the person has been removed as a director, executive officer or chief executive officer of a person mentioned in section 99(1) of the Securities and Futures Act 2001, in compliance with a condition imposed on the second‑mentioned person under section 99(4) of that Act; or

a prohibition order is made against the person under section 101A(1) of the Securities and Futures Act 2001.

any offence in connection with the formation or management of a VCC; or

any offence under section 157 or 339 of the Companies Act 1967 as applied by section 63 or 130, as the case may be,the court may make a disqualification order against the person in addition to any other sentence imposed.

is disqualified under subsection (1); or

has had a disqualification order made against him or her under subsection (2),must not act as a director, or take part (whether directly or indirectly) in the management of a VCC during the period of the disqualification or disqualification order.

in a case where the disqualified person has been convicted of any offence mentioned in subsection (1)(a) or (2)(a) or (b) but has not been sentenced to imprisonment — take effect upon conviction and continue for a period of 5 years or for such shorter period as the court may order under subsection (2);

in a case where the disqualified person has been convicted of any offence mentioned in subsection (1)(a) or (2)(a) or (b) and has been sentenced to imprisonment — take effect upon conviction and continue for a period of 5 years after his or her release from prison;

in a case where the disqualified person is subject to the imposition of a civil penalty under section 232 of the Securities and Futures Act 2001 — take effect upon the imposition of the civil penalty and continue for a period of 5 years after the imposition of the civil penalty;

in a case where the disqualified person is the subject of a direction under section 97(1A) of the Securities and Futures Act 2001 — take effect upon the issue of the direction and continue for a period of 5 years after such issue;

in a case where the disqualified person has been removed as a director, executive officer or chief executive officer of a person mentioned in section 99(1) of the Securities and Futures Act 2001 pursuant to a condition imposed on the second‑mentioned person under section 99(4) of that Act — take effect upon the removal and continue for a period of 5 years after such removal; and

in a case where the disqualified person is the subject of a prohibition order under section 101A(1) of the Securities and Futures Act 2001 — take effect upon the making of the prohibition order and continue for a period of 5 years after the expiry of the period specified in the order.

is disqualified under subsection (1); or

has had a disqualification order made against him or her under subsection (2),may apply to the Court for leave to act as a director, or to take part (whether directly or indirectly) in the management of a VCC during the period of the disqualification or disqualification order, upon giving the Minister at least 14 days’ notice of his or her intention to apply for such leave.