Section 4Part 2 — REGISTERED DIRECTORS
Prohibition from acting as a director unless registered
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A natural person appointed as a director of a covered entity shall not, subject to subsection (4), act in that capacity unless registered under this Law.
A natural person who, on or after the date of commencement of this Law, is proposed to be appointed as a director of a covered entity shall not be appointed to act in that capacity unless registered by the Authority.
Subject to subsection (4) a natural person who, prior to the date of commencement of this Law, is a director of a covered entity shall not continue to act in that capacity on or after that date unless he makes an application for registration, and is registered as a director, by the Authority.
A natural person to whom subsection (3) applies shall not be in contravention of this Law if that person is registered within three months of the date of commencement of this Law.
A natural person who contravenes this section commits an offence and is liable on summary conviction to a fine of fifty thousand dollars or to imprisonment for twelve months, or to both.