(1) Unless a manager is exempted from such a requirement by the Minister a person shall not act as a director or officer of the manager without prior written approval being given by the Minister.
(2) A director or officer of a manager shall not continue to act as such—
(a) if he or she becomes bankrupt or is convicted of an offence involving dishonesty; or
(b) the Minister revokes the approval of appointment given pursuant to subsection (1).
(3) A person who contravenes this section commits an offence and is liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.