Singapore legislation
Section 61
Section 61
Disqualification under Limited Liability Partnerships Act 2005 and Companies Act 1967
(1)
Subject to section 5, section 155C of the Companies Act 1967 applies in relation to a VCC as it applies in relation to a company.
(2)
Subject to any leave which the Court may give pursuant to an application under subsection (3), a person who is subject to a disqualification or disqualification order under section 149, 149A, 154, 155 or 155A of the Companies Act 1967 must not act as a director of, or in any way (whether directly or indirectly) take part in or be concerned in the management of, any VCC during the period of the disqualification or disqualification order.
(3)
A person who is subject to a disqualification or disqualification order under section 149, 154, 155 or 155A of the Companies Act 1967, may apply to the Court for leave to act as a director of, or to take part in or be concerned 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.
(4)
On the hearing of any application under subsection (3), the Minister may be represented at the hearing and may oppose the granting of the application.
(5)
A person who contravenes subsection (2) 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.