Part 40Company directors: foreign disqualification etc
Power to disqualify
I11184Disqualification of persons subject to foreign restrictions
1
The Secretary of State may make provision by regulations disqualifying a person subject to foreign restrictions from—
a
being a director of a UK company,
b
acting as receiver of a UK company's property, or
c
in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a UK company.
2
The regulations may provide that a person subject to foreign restrictions—
a
is disqualified automatically by virtue of the regulations, or
b
may be disqualified by order of the court on the application of the Secretary of State.
3
The regulations may provide that the Secretary of State may accept an undertaking (a “disqualification undertaking”) from a person subject to foreign restrictions that he will not do anything which would be in breach of a disqualification under subsection (1).
4
In this Part—
a
a “person disqualified under this Part” is a person—
i
disqualified as mentioned in subsection (2)(a) or (b), or
ii
who has given and is subject to a disqualification undertaking;
b
references to a breach of a disqualification include a breach of a disqualification undertaking.
5
The regulations may provide for applications to the court by persons disqualified under this Part for permission to act in a way which would otherwise be in breach of the disqualification.
6
The regulations must provide that a person ceases to be disqualified under this Part on his ceasing to be subject to foreign restrictions.
7
Regulations under this section are subject to affirmative resolution procedure.