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Amendment of section 150 of Act of 1990.
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41.—(1) Section 150 of the Act of 1990 is amended—
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(a) in subsection (3)(a)(i), by the substitution for “£100,000” of “£250,000”,
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(b) in subsection (3)(a)(ii), by the substitution for “£20,000” of “£50,000”, and
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(c) by the insertion of the following after subsection (4):
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“(4A) An application for a declaration under subsection (1) may be made to the court by the Director, a liquidator or a receiver.
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(4B) The court, in hearing an application for a declaration under subsection (1) from the Director, a liquidator or a receiver, may order that the directors against whom the declaration is made shall bear the costs of the application and any costs incurred by the applicant in investigating the matter.”.
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(2) The amendments made by paragraphs (a) and (b) of subsection (1) shall not have effect in relation to a declaration under subsection (1) of section 150 of the Act of 1990 made before the commencement of this section and, accordingly, the requirements of subsection (3) of that section 150 that shall apply in respect of a person who is the subject of such a declaration made before that commencement shall be those that applied before that commencement.
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