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Amendment of section 819 of Principal Act
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34. Section 819 of the Principal Act is amended by the substitution of the following subsection for subsection (1):
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“(1) On the application of a person referred to in section 820(1) and subject to subsection (2), the court shall declare that a person who was a director of—
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(a) an insolvent company,
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(b) an insolvent company who failed to convene a general meeting of shareholders for the purpose of nominating a named liquidator,
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(c) an insolvent company at such a general meeting who fails to table a notice to nominate such liquidator, or
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(d) an insolvent company who has failed to provide the required notice to employees of the company in the winding up of the company,
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shall not, for a period of 5 years, be appointed or act in any way, directly or indirectly, as a director or secretary of a company, or be concerned in or take part in the formation or promotion of a company, unless the company meets the requirements set out in subsection (3).”.
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