Singapore legislation
Clause 36
of Variable Capital Companies (Miscellaneous Amendments) Bill
Clause 36
Amendment of section 61
Section 61 of the principal Act is amended by deleting subsections (2) and (3) and substituting the following subsections:“(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 or disqualification order under section 149, 149A, 154, 155 or 155A 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 or disqualification order.(3) A person who is subject to a disqualification or disqualification order under section 149, 154, 155 or 155A 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 or disqualification order, upon giving the Minister not less than 14 days’ notice of his or her intention to apply for such leave.”.