Clause 75

by deleting subsections (1) to (4) and substituting the following subsections:“(1) A person shall be subject to the disqualifications provided in subsection (3) if —

the person is convicted of any of the following offences:

any offence, whether in Singapore or elsewhere, involving fraud or dishonesty punishable with imprisonment for 3 months or more; (ii)any offence under Part XII of the Securities and Futures Act (Cap. 289); or

the person is subject to the imposition of a civil penalty under section 232 of the Securities and Futures Act.(2) Where a person is convicted in Singapore of —

any offence in connection with the formation or management of a corporation; or

any offence under section 157 or 339,the court may make a disqualification order against the person in addition to any other sentence imposed.(3) Subject to any leave which the Court may give pursuant to an application under subsection (6), a person who —

is disqualified under subsection (1); or

has had a disqualification order made against him under subsection (2),shall not act as a director, or take part (whether directly or indirectly) in the management of a company, or of a foreign company to which Division 2 of Part XI applies, during the period of the disqualification or disqualification order.(4) The disqualifications in subsection (3) shall —

in a case where the disqualified person has been convicted of any offence referred to in subsection (1) or (2) but has not been sentenced to imprisonment, take effect upon conviction and continue for a period of 5 years or for such shorter period as the court may order under subsection (2); or

in a case where the disqualified person has been convicted of any offence referred to in subsection (1) or (2) and has been sentenced to imprisonment, take effect upon conviction and continue for a period of 5 years after his release from prison.”;

by deleting the words “acts in contravention of a disqualification under this section” in subsection (5) and substituting the words “contravenes subsection (3)”;

by deleting subsection (6) and substituting the following subsection:“(6) A person who —

is disqualified under subsection (1); or

has had a disqualification order made against him under subsection (2),may apply to the Court for leave to act as a director, or to take part (whether directly or indirectly) in the management of a company, or of a foreign company to which Division 2 of Part XI applies, during the period of the disqualification or disqualification order, upon giving the Minister not less than 14 days’ notice of his intention to apply for such leave.”; and

by deleting the words “this section” in subsection (7) and substituting the words “subsection (6)”.