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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 178

Provisions as to undischarged bankrupts acting as directors.

178.(1) Subject to sub-section (2), if any person being an
undischarged bankrupt acts as director of, or directly or indirectly takes
part in or is concerned in the management of, any company except with the
leave of the court by which he was adjudged bankrupt, he shall be liable on
conviction on indictment to imprisonment for a term not exceeding two years,
or on summary conviction to imprisonment for a term not exceeding six months
or to a fine not exceeding five hundred pounds or to both such imprisonment
and fine.

(2) A person shall not be guilty of an offence under this section by reason
that he, being an undischarged bankrupt, has acted as director of, or taken
part or been concerned in the management of, a company, if he was on the
seventeenth day of June, nineteen hundred and thirty, acting as director of,
or taking part or being concerned in the management of, that company and has
continuously so acted, taken part or been concerned since that date and the
bankruptcy was prior to that date.

[(2A) The leave of the court for the purposes of this section shall not be
given unless notice of intention to apply therefor has been served on
the Official Assignee, and it shall be the duty of the Official Assignee, if
he is of opinion that it is contrary to the public interest that any such
application should be granted, to attend on the hearing of and oppose the
granting of the application.]

(3) In this section "company" includes an unregistered company and a company
incorporated outside Northern Ireland which has an established
place of business within Northern Ireland.

© 1960 Crown Copyright

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