Clause 58

the person is convicted of any of the following:

any offence, whether in Singapore or elsewhere, involving fraud or dishonesty and punishable with imprisonment for a term of 3 months or more;

any offence under Part XII of the Securities and Futures Act;

the person is subject to the imposition of a civil penalty under section 232 of the Securities and Futures Act;

a direction under section 97(1A) of the Securities and Futures Act is made directing a holder of a capital markets services licence to remove the person from the person’s office or employment as a director or executive officer of the holder;

the person has been removed as a director, executive officer or chief executive officer of a person mentioned in section 99(1) of the Securities and Futures Act, in compliance with a condition imposed on the second‑mentioned person under section 99(4) of that Act; or

a prohibition order is made against the person under section 101A(1) of the Securities and Futures Act.

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

any offence under section 157 or 339 of the Companies Act as applied by section 63 or 130 (as the case may be),the court may make a disqualification order against the person in addition to any other sentence imposed.

is disqualified under subsection (1); or

has had a disqualification order made against him or her under subsection (2),must not act as a director, or take part (whether directly or indirectly) in the management of a VCC during the period of the disqualification or disqualification order.

in a case where the disqualified person has been convicted of any offence mentioned in subsection (1)(a) or (2)(a) or (b) 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);

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

in a case where the disqualified person is subject to the imposition of a civil penalty under section 232 of the Securities and Futures Act, take effect upon the imposition of the civil penalty and continue for a period of 5 years after the imposition of the civil penalty;

in a case where the disqualified person is the subject of a direction under section 97(1A) of the Securities and Futures Act, take effect upon the issue of the direction and continue for a period of 5 years after such issue;

in a case where the disqualified person has been removed as a director, executive officer or chief executive officer of a person mentioned in section 99(1) of the Securities and Futures Act pursuant to a condition imposed on the second‑mentioned person under section 99(4) of that Act, take effect upon the removal and continue for a period of 5 years after such removal; and

in a case where the disqualified person is the subject of a prohibition order under section 101A(1) of the Securities and Futures Act, take effect upon the making of the prohibition order and continue for a period of 5 years after the expiry of the period specified in the order.

is disqualified under subsection (1); or

has had a disqualification order made against him or her 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 VCC during the period of the disqualification or disqualification order, upon giving the Minister not less than 14 days’ notice of his or her intention to apply for such leave.