Clause 22

Any person who being an undischarged bankrupt directly or indirectly takes part in or is concerned in the management of any business carried on by any person required to be registered under this Act without the leave of the High Court shall be guilty of an offence and shall be liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding ten thousand dollars or to both such imprisonment and fine.

Subsection (1) shall not apply to a person who being an undischarged bankrupt has taken part in or has been concerned in the management of a business carried on by a person required to be registered under this Act immediately prior to the date of commencement of this Act and has continuously so taken part or has been concerned since that date and he was adjudged bankrupt prior to such date.

The leave of the High Court for the purposes of this section shall not be given unless notice of intention to apply therefor has been served on the Official Assignee.