Singapore legislation
Clause 61
Clause 61
Disqualification under Limited Liability Partnerships Act and Companies Act
(1)
Subject to section 5, section 155C of the Companies Act applies in relation to a VCC as it applies in relation to a company.
(2)
Subject to any leave which the Court may give pursuant to an application under subsection (3), a person who is subject to a disqualification, disqualification order or debarment order under section 149, 149A, 154, 155, 155A or 155B of the Companies Act must not act as a director of, or in any way (whether directly or indirectly) take part in or be concerned in the management of, any VCC during the period of the disqualification, disqualification order or debarment order.
(3)
A person who is subject to a disqualification, disqualification order or debarment order under section 149, 154, 155, 155A or 155B of the Companies Act, may apply to the Court for leave to act as a director of, or to take part in or be concerned in the management of, a VCC during the period of the disqualification, disqualification order or debarment order, upon giving the Minister not less than 14 days’ notice of his or her intention to apply for such leave.
(4)
On the hearing of any application under subsection (3), the Minister may be represented at the hearing and may oppose the granting of the application.
(5)
A person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.