149A. Disqualification of directors of companies wound up on grounds of national security or interest Flashcards
149A. Disqualification of directors of companies wound up on grounds of national security or interest
General overview
[149A.01] Directors will be disqualified by an order of court when the companies they have managed are wound up on grounds of national security or interest. The director concerned will be disqualified for three years after the winding up order upon the application by the relevant Minister. The court would not make such an order against the director concerned if he proves to the satisfaction of the court that (a) the company was used for such purposes without his consent or connivance; and (b) he had exercised such diligence as he should, according to the nature of his function in that capacity and in all circumstances, to prevent the company being used for such purposes.
