Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 6 · Management and Administration
60. Disqualification for being director of not less than 3 VCCs that were struck off within 5‑year period
Feedback & supportLast amended by an amending law of 2021. 2 amendments in all.
Subject to section 5, a person —
who was a director of a VCC (VCC A) at the time that the name of VCC A had been struck off the register under section 344 of the Companies Act 1967 as applied by section 130B; and
who, within a period of 5 years immediately before the date on which the name of VCC A was struck off the register —
had been a director of not less than 2 other VCCs the names of which have been struck off that register; and
was a director of each of those VCCs at the time its name was so struck off,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 other VCC for a period of 5 years commencing immediately after the date on which the name of VCC A was struck off.
A person who contravenes subsection (1) 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.
A person who is subject to a disqualification under subsection (1) may apply to the Court for permission to act as a director of, or to take part in or be concerned in the management of, a VCC during the period of disqualification upon giving the Minister at least 14 days’ notice of his or her intention to apply for such permission.
On the hearing of the application, the Minister may be represented at the hearing and may oppose the granting of the application.