Page:Accountants Act 2004.pdf/25

Rh (4) Any purchase or acquisition of a share of an accounting corporation, and any security created over any such share, in contravention of subsection (3) shall be null and void.

(5) A public accountant whose registration is cancelled under Part V or VI shall not—
 * (a) hold any shares in any accounting corporation; or
 * (b) directly or indirectly, take part or be concerned in the management or practice of any accounting corporation without the permission of the Oversight Committee,

unless and until he is subsequently reinstated as a registered public accountant.

(6) A public accountant whose registration is suspended under Part V or VI shall not, during the period of suspension—
 * (a) exercise any voting rights attached to his shares in any accounting corporation; or
 * (b) take part or be concerned in the management or practice of any accounting corporation without the permission of the Oversight Committee.

(7) Notwithstanding subsections (1) and (5), where any person who is a member of an accounting corporation by virtue of being a corporate practitioner has, for any reason other than those mentioned in subsection (8), ceased to be—
 * (a) a public accountant; or
 * (b) a director or an employee of the accounting corporation,

the Oversight Committee may, upon an application made by that person or by the accounting corporation concerned, grant him a grace period of not more than 2 years to transfer his voting shares in the accounting corporation.

(8) Notwithstanding subsection (1), where any person who is a member of an accounting corporation by virtue of being a corporate practitioner has, by reason of death, bankruptcy or incapacity due to mental or physical disability—
 * (a) ceased to be a public accountant; or