Singapore legislation
Clause 34
Clause 34
Disqualification of directors of a finance company
(1)
Without prejudice to anything contained in the Companies Act, 1967 (Act of 1967), any person who is a director, manager or other officer concerned with the management of a finance company shall cease to hold office —
if he becomes bankrupt, suspends payments or compounds with his creditors; or
if he is convicted of an offence involving dishonesty or fraud.
(2)
No person who has been a director of, or directly concerned in the management of, a finance company licensed under this Act which has been wound up by a court shall without the express authority of the Minister, act, or continue to act, as director of, or be directly concerned in, the management of any finance company.
(3)
Any person acting in contravention of subsection (1) or (2) of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding three years or to a fine not exceeding five thousand dollars or to both such imprisonment and fine.