Section 9Part 3 — PROFESSIONAL DIRECTORS
Prohibition from acting as professional director unless licensed
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No natural person shall be a professional director unless, subject to subsection (4), that person holds a valid licence issued under this Law.
A natural person who, on or after the date of commencement of this Law, proposes to be a professional director shall not be or carry on business as a professional director unless that person holds a valid licence issued under this Law by the Authority.
Subject to subsection (4) a natural person who, prior to the date of commencement of this Law, is a professional director shall not continue to act in that capacity on or after that date unless he is licensed by the Authority.
A natural person to whom subsection (3) applies shall not be in contravention of this Law if that person is licensed within three months of the date of commencement of this Law.
A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars and to imprisonment for twelve months, or to both.
The Cabinet may by Order amend the Schedule.
Defined Terms
professional directornatural personlicenceAuthority