Singapore legislation
Clause 24
Clause 24
Individual not eligible to take part in management of the business of a licensed housing developer
(1)
Without prejudice to anything contained in any written law relating to companies, co-operative societies, societies or partnerships, any person who is a director, manager or secretary of a licensed housing developer or who holds a position analogous to that of a director, manager or secretary shall cease to hold office —
if he becomes bankrupt, suspends payment or compounds with his creditors; or
if he is convicted of an offence involving dishonesty or fraud.
(2)
No person who has been a director of, or directly concerned in the management of, the business of a licensed housing developer which has been wound up by a court shall, without the approval in writing of the Minister, act or continue to act as a director of, or be directly concerned in, the management of the business of any licensed housing developer.
(3)
Any person who acts in contravention of the provisions of subsection (1) or (2) of this section shall be guilty of an offence under this Ordinance and shall be liable on conviction to be punished with imprisonment for a term which shall not be less than twelve months, but which shall not exceed three years and shall also be liable to a fine not exceeding ten thousand dollars.