Clause 30

Where a person —

is or has been a director of a company which has at any time gone into liquidation (whether while he was a director or subsequently) and was insolvent at that time; and

is or has been a director of another such company which has gone into liquidation within five years of the date on which the first mentioned company went into liquidation,and that person within a period of five years after the other such company referred to in paragraph (b) has gone into liquidation, without the leave of the Court, is a director or promoter of, or is in any way whether directly or indirectly concerned or takes part in the management of a company, he 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.(2) The Court shall not give leave under this section unless —

notice of intention to apply therefor has been served on the Minister and on the Official Receiver and the Minister and the Official Receiver or either of them may be represented at the hearing of, and may oppose the granting of, the application; and

the applicant has satisfied the Court that his conduct as a director of any of those companies referred to in subsection (1) did not make him unfit to be concerned in the management of a company.(3) In this section, company includes an unregistered company within the meaning of subsection (1) of section 314, and for the purposes of this section a company has gone into liquidation if it is wound up by the Court, on the date of the winding-up order and, in any other case, on the date of the passing of the resolution for voluntary winding up.(4) Where a director is in breach of subsection (1), a certificate of the Official Receiver stating that a company has gone into liquidation shall in all courts be received as prima facie evidence of the facts stated therein.”.