Clause 50

by deleting the words “director, manager, secretary or other officer” and substituting the words “executive officer, secretary or other officer (other than a director)”;

by deleting paragraph (b) and substituting the following paragraph:“(b)who has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he acted fraudulently or dishonestly; or”;

by re-numbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction.”; and

by deleting the word “directors” in the section heading and substituting the words “executive officers”.